Former Strauss CEO gets NIS 5m for leaving

Strauss Group Ltd. (TASE:STRS) today announced that its board has approved the employment terms for new CEO Gabi Lesin and the retirement terms for his predecessor, Erez Vigodman and deputy CEO Avi Ben-Assayag.

IDB Holding Corp. Ltd. (TASE:IDBH) chairman and CEO Nochi Dankner hired both Vigodman and Ben-Assayag as CEO of Makhteshim Agan Industries Ltd. (TASE: MAIN) and CEO of IDB Aviation Ltd., respectively.

Vigodman will receive a golden parachute of NIS 5 million, NIS 2 million of which is conditional on him not competing against Strauss for 12 months from the date of his departure. The golden parachute does not replace the terms of his employment contract for 2009, which includes six months' pay.

Ben-Assayag had been considered the leading candidate to replace Vigodman, and announced his resignation when he lost out to Lesin. He will receive a golden parachute of NIS 2.5 million, of which NIS 1 million is conditional on him not competing against Strauss for 12 months from the date of his departure.

Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2009

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