Salary cost of 25 execs NIS 1.35b in 9 years
Apr 06, 2012 (Globes - McClatchy-Tribune Information Services via COMTEX) --
A "Globes" investigation has found that the salary cost of 25 executives of Tel Aviv 25 companies is NIS 1.35 billion over nine years. Gazit-Globe Ltd. (NYSE: GZT; TASE: GLOB) chairman Chaim Katzman and Dori Segal top the list, with cumulative salary costs of NIS 141 million and NIS 106 million, respectively, in 2003-11. Their salary cost since 2001 is NIS 272 million.
Israel Chemicals Ltd. (TASE: ICL) CEO Akiva Mozes is in third place, with a cumulative salary cost of more than NIS 100 million, or more than NIS 11 million a year in 2003-11. He is followed by Nir Gilad, the CEO of parent company, Israel Corporation (TASE: ILCO), with a cumulative salary cost of NIS 73.5 million.
A faster accumulation was achieved by Eyal Lapidot, who as CEO of The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), and previously of Delek Israel Fuel Corporation Ltd. (TASE: DLKIS), had a salary cost of almost NIS 84 million in 2003-11. Both companies are subsidiaries of Yitzhak Tshuva-controlled Delek Group Ltd. (TASE: DLEKG). The fastest was achieved by Azrieli Group Ltd. (TASE: AZRG) chairman David Azrieli, with a salary cost of NIS 97.5 million in four years -- NIS 24.4 million a year.
Other members of this exclusive club include former Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) CEO Amos Shapira, with a cumulative salary cost of NIS 51 million in eight years. Shapira, who knew when to leave the troubled telecommunications industry, benefited until recently from the mobile boom, which poured into his pockets huge sums in bonuses and stock options.
Another executive who benefited from the profits of the company he runs is Mizrahi Tefahot Bank (TASE:MZTF) CEO Eli Yones. Paralleling the bank's strong financials, his cumulative salary cost since 2004 is NIS 86.5 million.
Strauss Group Ltd. (TASE:STRS) chairwoman Ofra Strauss and IDB Holding Corp. Ltd. (TASE:IDBH) chairman Nochi Dankner paid Erez Vigodman NIS 73 million. Dankner's share of his salary cost was NIS 23 million as president and CEO of Makhteshim Agan Industries Ltd., and Strauss's share was NIS 50 million, during his previous job as head of Strauss.
Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) CEO Avi Gabay has had a cumulative salary cost of NIS 39.5 million since taking up his present post in 2007. Delek Group CEO Asi Bartfeld is just ahead of him, with a cumulative salary cost of NIS 43 million since 2003.
___ (c)2012 the Globes (Tel Aviv, Israel) Visit the Globes (Tel Aviv, Israel)
at www.globes.co.il/serveen/globes/nodeview.asp?fid=942 Distributed by MCT
[ Back To TMCnet.com's Homepage ]