Ma'ariv Holdings Ltd. (TASE:MARV) controlling shareholder and chairman Ofer Nimrodi cut his salary by 75%. This follows the same cut that he imposed on himself in 2008. As Nimrod earns NIS 85,000 per month, he is giving up NIS 63,750 and will earn just NIS 21,250.
Maariv Holding owns the Hebrew daily "Ma'ariv."
The company said that Nimrodi's decision to carry on cutting his salary was "above and beyond what is required by law, as part of his desire to save the company costs, and to continue giving a personal example to the Ma'ariv group's employees, especially during the global economic crisis which is currently hitting us."
Nimrodi's other benefits according to his employment contract are unaffected and will be based on his full monthly salary as set out in his agreement.
Earlier this year, Ma'ariv imposed a graduated salary cut for employees, ranging from 5% for lower earners up to 20% for employees with the highest salaries. In exchange for the salary cuts, employees will be issued with share options. The aim of the plan is to bring the newspaper to a break even point in the first quarter of 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on March 8, 2009
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