Cofix CEO salary perks up as performance declines

Yaki Vadmani  photo: Jonathan Bloom

Yaki Vadmani's compensation package is worth double that of his predecessor.

In September 2013, the future looked rosy: café chain Cofix opened its first branch in Tel Aviv. The gimmick was everything for NIS 5: coffee, pastries, or a sandwich.

The masses flocked to the branches as they opened, and Cofix's competitors felt the pressure.

The summer of 2015 was hot – Cofix opened a chain of grocery stores selling everything for NIS 5, and the company became Israel's first ever stock-exchange listed café chain.

February 2017 – the chain raises the price of its coffee to NIS 6. The reasons: rises in rents, raw materials, the minimum wage, and electricity.

March 2017 – Cofix posts a profit of NIS 7 million for 2016.

November 2017 – Cofix reports a quarterly operating loss of NIS 1.2 million. Its share price falls 3%, making it a 40% drop for the year.

Meanwhile, the salary of Cofix's CEO has only risen. Yaki Vadmani was appointed CEO in August this year, with compensation potentially totaling NIS 2 million annually, double that of his predecessor.

Published by Globes [online], Israel business news - www.globes-online.com - on December 5, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Yaki Vadmani  photo: Jonathan Bloom
Yaki Vadmani photo: Jonathan Bloom
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