Businessman and seasoned civil servant Moshe Terry has been tapped to replace Miri Katz as chairman of the Israel Securities Authority.

Terry, who refused the position when first offered months ago, has changed his mind and agreed, at the behest of Finance Minister Silvan Shalom.

No comment could be obtained from Terry or from Shalom, who is abroad.

Terry already serves as a member of the ISA plenum.

Shalom had decided against extending the tenure of Katz, who has chaired the ISA for five years. He asked Terry and another ISA plenum member, Dr Moshe Druker, to help find a suitable candidate.

At some point he asked Terry himself to take the position, but Terry declined, saying that after years of public service he preferred to devote time to private business.

Terry, formerly a member of the Likud central committee, knows the capital market well. He has served on the Tel Aviv Stock Exchange board of directors, in Bank Discount's securities department, as chairman of the Ministry of Industry and Trade's Investment Center, and as CEO of the Tel Aviv-based Central Securities Corporation. After the Likud's rise to power in 1997 he served as CEO of the Postal Authority.

In recent years Terry turned his attention to private business, and also acquiesced to Shalom's plea that he head a project to install computer and Internet systems in development towns.

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