The Board of Directors of under fire insurtech Vesttoo has announced the appointment of Ami Barlev as interim Chief Executive Officer (CEO), as Yaniv Bertele, one of its co-founders who served as CEO, is on paid leave as the alleged collateral fraud issue continues to be investigated.
Barlev, an experienced CEO and member of the boards of a number of Israeli companies, has served as a Board Member of Vesttoo since June 2021.
His appointment as interim CEO of Vesttoo follows confirmation from the insurtech that co-founders of the company, Bertele and Chief Financial Engineer, Alon Lifshitz, have been placed on paid leave until a final decision is taken.
A statement from Vesttoo explains that Barlev has extensive experience serving in senior roles such as CEO, Director, and Chairman of the Board in a number of both private and publicly-listed Israeli and NASDAQ companies, and also start-ups, in the areas of technology, artificial intelligence, communication, aviation, and real estate.
He brings to the role a specialist focus in the areas of corporate governance, business development, crisis management, and importantly managing companies in complex situations.
Commenting on his new position, Barlev said, “I would like to thank the Board for their confidence in me during this extremely difficult moment – as well as our investors and clients for their patience. I accepted this position because we all strongly believe that Vesttoo’s technological suite and platform remain extremely valuable. The need for both alternative capital in the market and diversified investments is clear and robust.
“We are working around the clock in order to provide solutions for our customers and partners around the world, and we will work intensively to restore the company’s activities. We believe in the value that Vesttoo can still provide. I am confident that by completing the ongoing audit thoroughly and comprehensively we can overcome this significant challenge and get back to work.”