Shufersal Ltd. (TASE:SAE;Pink Sheets:SSLTF) CEO Effie Rosenhause has kept his title as one of Israel's highest paid executives, with an annual income of nearly NIS 5 million in 2008, or NIS 412,000 per month, including salary, options, and a bonus
According to a report by Shufersal, Rosenhause's basic salary was NIS 2.1 million in 2008, or NIS 125,000 per month, not including social and other benefits. He also received a NIS 2.5 million bonus last year, which the supermarket chain recorded as an expense in its financial report for 2007. Rosenhause also costs Shufersal NIS 329,000 for 1.25 million stock options with a strike price of NIS 9.50.
Shufersal is currently traded NIS 12.80, after falling 2% today, which means that Rosenhause's options are in the money. An examination by "Globes" found that he exercised his options during the summer, and sold most of them in off-floor transactions at NIS 17.04 per share, for a gain of NIS 9.4 million. Not bad, considering that the share has since fallen 17% and its current market cap is NIS 2.82 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2009
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