100 Israeli execs earned over NIS 3m in 2015

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Elbit Systems paid over NIS 40 million to employ its five leading executives.

His NIS 12 million ($3.1 million) cost of employment put Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) president and CEO Bezhalel Machlis among the 10 highest paid executives in Tel Aviv Stock Exchange-listed companies in 2015.

The cost of Machlis's regular 2015 salary was $765,000, and he also received a $560,000 bonus. The largest part of his remuneration was a phantom stock package based on the company share price amounting to $1.8 million, without him actually receiving any shares.

Four other Elbit Systems executives whose salary figures were published benefited from $1.2 million in phantom stock bonuses. The cost to the company of their employment was in the NIS 7-7.5 million range ($1.8-1.9 million), putting each of them among the 30 highest paid executives in 2015. Employment of Elbit Systems' five highest paid executives cost the company an aggregate NIS 41 million ($10.5 million).

As of now, one week before the end of the annual financial reporting season, making it into the TASE's top 10 earning executives requires a salary of over NIS 9 million, and the average employment cost of the top 30 earning executives has exceeded NIS 5.5 million. The average employment cost of the top 100 earning executives exceeds NIS 3 million, and their aggregate cost is NIS 590 million - for now.

The cost of ISSTA Lines (TASE: ISTA) controlling shareholder and CEO Achishai Gal's salary was NIS 4 million, including NIS 1.4 million in salary and a NIS 2.6 million bonus. The cost of employment for Israel Chemicals (TASE: ICL: NYSE: ICL) executives Charles Weidhas and Asher Grinbaum was similar to that of Gal, putting the three men at the bottom of the 70 executives with a 2015 salary cost of at least NIS 4 million.

Behind Gal on the ISSTA salary ladder was ISSTA Israel CEO Eti Gvilei. Her cost of employment was NIS 2.8 million, including NIS 1.1 million in base pay and a NIS 1.7 million bonus.

Logistics company Maman Group CEO Opher Linchevski received over NIS 900,000 in base pay in 2015, and the cost of his employment totaled NIS 2.5 million. Maman chair Nehama Ronen, who works only half-time, won a NIS 430,000 bonus, and the cost of her employment was NIS 1.3 million.

NIS 1.25 million for Yiftah Ron-Tal

Israel Electric Corporation's (IEC) (TASE: ELEC.B22) financial statements, published this week, reveal that the aggregate cost of employment for its five leading executives totaled NIS 5.7 million in 2015, including chairman Yiftah Ron-Tal (NIS 1.2 million), senior VP regulation Oren Helman (nearly NIS 1.2 million), and VP human resources Amit Oberkovitch (NIS 1.1 million).

The expanded reports published by Camtek Ltd. (Nasdaq: CAMT; TASE:CAMT) reveal the cost of employing its five leading executives was nearly NIS 8 million ($2 million), including NIS 2.1 million ($540,000) for Camtek China president Amir Tzhori. The highest paid executive in Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) was chairman Dov Baharav with an employment cost of NIS 2 million ($520,000), and employment of its five leading executives cost an aggregate 7 NIS million ($1.8 million).

The employment cost in 2015 for Psagot Investment House Ltd. CEO Hagai Badash, who recently announced his resignation after 4.5 successful years in his position, was NIS 6.7 million, including NIS 5.5 million in base salary, a bonus, and related expenses, and options priced at NIS 1.2 million in Psagot's financial statements, about the same as he received in his previous years in the position.

Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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executive pay image: shutterstock
executive pay image: shutterstock
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