Africa-Israel investors turn their ire from chairman Lev Leviev to CEO Izzy Cohen.
An investor in Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) is turning its ire from chairman Lev Leviev for "not putting his hand in his own pocket" to CEO Izzy Cohen. A large institutional investor told "Globes" today, "A CEO in a settlement should not earn NIS 198,000 a month."
Cohen (58) joined Africa-Israel in June 2008 after 37 years in the insurance business, including 10 years as CEO of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL). His salary cost in 2008 was NIS 4.2 million.
Cohen's gross monthly salary is NIS 198,000 and linked to the Consumer Price Index (CPI). He is also eligible for a company car, 30.7 vacation days and 14 sick days a year. He is eligible for an annual bonus of NIS 2-4 million and he received 378,500 options for Africa-Israel shares.
Published by Globes [online], Israel business news - www.globes-online.com - on September 22, 2009
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