Biocancell execs cut their salaries

Executive salaries will be cut by 5-7.5%.

Biocancell Therapeutics Ltd. (TASE:BICL) chairman and chief scientific officer Prof. Avraham Hochberg has cut his salary by 7.5%, and CEO Dr. Avi Barak has cut his salary by 5%. Managers earning more than NIS 12,000 will also accept 5% pay cuts. The measure is intended to deal with the crisis.

Biocancell is developing targeted cancer therapies. A few weeks ago, Hochberg asked the board to extend his contract at the same terms. Biocancell director Ofer Goldberg, who represents Clal Biotechnology Industries Ltd. (TASE: CBI), objected to the extension because of the crisis, and the company subsequently decided on the salary cuts.

CBI is a unit of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman and CEO Nochi Dankner, who has called for executive pay cuts at the company's subsidiaries. Executives at Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) and Makhteshim Agan Industries Ltd. (TASE: MAIN) were the latest subsidiaries to announce such measures.

Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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