Nir Gilad seen stepping down as Israel Corp splits

Nir Gilad
Nir Gilad

Israel Corp CEO Nir Gilad is expected to join Idan Ofer's international business activity.

Nir Gilad is expected to step down from his position as CEO of Israel Corporation (TASE: ILCO) at the end of the process of splitting the company, according to market sources. Gilad, who has been CEO since mid-2007, is expected to be brought into the international business activity of Israel Corporation controlling shareholder Idan Ofer.

Gilad's salary cost at Israel Corporation has amounted to tens of millions of shekels in the past few years. It is believed that he and other company officers will receive bonuses paid personally by the controlling shareholder.

On Wednesday, Israel Corporation is due to sell 5.7% of Israel Chemicals Ltd. (TASE: ICL) on Wall Street, and Israel Chemicals shares will be listed on the New York Stock Exchange. Israel Corporation will remain with a 47% holding in Israel Chemicals, the group's cash cow, and its holding in Oil Refineries. Other holdings, such as Zim Integrated Shipping Services Ltd., Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM), and Qoros will be grouped under a new company called Kenon.

Published by Globes [online], Israel business news - www.globes-online.com - on September 22, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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