Sources inform ""Globes" that Azrieli Group Ltd. (TASE: AZRG) CEO Shlomo Sherf is stepping down after just two years in the post. Sherf joined Israel's leading real estate group in January 2011, after a long period as CEO of Electra Ltd. (TASE: ELTR) and Electra Real Estate. According to market sources, Sherf intends to go into business on his own account, as he planned to do before he joined the Azrieli Group. No response to the report was obtainable from Azrieli Group.
Last week, after the release of Azrieli Group's financial statement, Sherf told "Globes", "The results for 2012 are excellent, reflecting continued growth and value creation, and substantial improvement in all operational measures. Azrieli Group is currently leading projects under construction on an extraordinary scale, consolidating its status as Israel's leading real estate developer."
In the period 2011-2012, Sherf's salary cost totaled NIS 11 million, mostly in cash. He is a highly esteemed CEO, and translated that into a high salary. Before joining Azrieli Group, Sherf, 64, sold his entire stake in Electra Real Estate (4.88%) for NIS 36 million, and altogether he parted from Gershon Salkind's Elco Holdings group having accumulated NIS 90 million in his time there, making him one of Israel's wealthiest salaried employees.
Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2013
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