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The chief financial officer of Bezeq, Oren Lieder, is leaving the state-run phone company for Discount Investment Corporation (TASE:DISI).

Lieder served as Bezeq's CFO for more than five years, and was considered a driving force at the company.

At Discount Investment Corporation, Lieder will be replacing Ziv Leitman, who is stepping down at year-end.

Lieder's new job will give him a key role in establishing a joint cable TV company, to be formed from the merger of Israel's three cable companies. The joint company, to be named Gvanim, is expected to compete with Bezeq in telecommunications and Internet services.

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Bezeq said it regretted Lieder's decision to leave. A labor representative at the phone company, Shlomo Kfir, commented that the move was caused by the large wage gaps between the government company's executives and salaries available in the private sector.