MK Erel Margalit has resigned from his political life as an MK and member of the Zionist Union and Labor parties. Labor party chairman Avi Gabbai has stated that Deputy Mayor of Yokneam, Leah Fadida, will be replacing Margalit in his Knesset seat.

Margalit who founded the Jerusalem based venture capital company JVP, will return to that position and take up the new position of the CEO of the “In The Community” organization. Recently Margalit had lost the race to become head of the Labor party.

In a video that was posted to Youtube Margalit explained his reasons for leaving. “The best way to realize my agenda in the Galilee and the Negev is to use all of the tools, resources and framework available to me as a social entrepreneur.”

In response to Margalit’s resignation, Gabbai said:”I am saddened by MK Margalit’s departure, and I wish him complete success working as a social entrepreneur and creating new centers of development in the periphery of Israel. I spoke with MK Margalit this evening and I am glad that he will still be involved as a party member in the Labor party, even though he is leaving the Knesset faction.

http://https://www.youtube.com/watch?time_continue=70&v=whCs8LPa1zg