Eitan Raff will replace outgoing Israel Corporation director Moshe Vidman.
Former Bank Leumi (TASE: LUMI) chairman Eitan Raff has been appointed director at Israel Corporation (TASE: ILCO), controlled by the Ofer family through Millenium Investments Elad Ltd. He will replace outgoing director Moshe Vidman.
When he left Bank Leumi, Raff received severance pay of 200% of his basic gross monthly salary of NIS 133,000, plus a bonus equal to 7.5 months salaries amounting to NIS 1 million, and salary for his nine-month cooling off period, instead of the usual six months. Altogether he got NIS 5 million.
In August, after leaving his post as Bank Leumi chairman after 15 years, Raff was appointed senior advisor at the Israeli representative of US investment bank Morgan Stanley (NYSE: MS).
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2010
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