IDB chairman and CEO Nochi Dankner ordered executive pay cuts at all subsidiaries.
IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Shufersal Ltd. (TASE:SAE;Pink Sheets:SSLTF) has cut the salary of CEO Effie Rosenhaus and other executives by 10% and the salaries of mid-level managers who earn more than NIS 15,000 a month by 5%. Israel's largest supermarket chain has hundreds of mid-level managers.
The company has decided not to touch the salaries of low-level employees at this stage.
The salary cuts at Shufersal are part of a general order by IDB chairman and CEO Nochi Dankner to cut executive pay at all subsidiaries regardless of their financial standing. Shufersal is preparing its 2009 budget, which is based on much more pessimistic assumptions than before about sales growth, which will be hit by the recession.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2008
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