Dalia Itzik joins Rami Levy board

Itzik will receive compensation of NIS 100,000 a year in her new job.

After 20 years in politics, former MK Dalia Itzik was today appointed a director at supermarket chain Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (TASE:RMLI).

Itzik (60) has served as Knesset speaker, acting president, and as minister of industry, trade and labor, environmental protection, and communications. Late last year, she announced that she would take time out from political life and resigned from the Kadima party.

Itzik will now join Rami Levy and will receive compensation of NIS 100,000 a year in her new job.

Rami Levy's shares have drawn the attention of foreign investors lately. FMR LLC (Fidelity Investments) has become a party at interest, with a stake of 5%, worth NIS 100 million. A few days earlier, Rami Levy Chain Stores CEO Rami Levy sold NIS 90 million worth of shares in the company to MSD Capital, established by Dell Inc. (Nasdaq: DELL) founder Michael Dell. The sale boosted MSD's stake in the company to 6.1%.

Rami Levy's market cap has reached NIS 2.2 billion, after a 35% rise in over the past 12 months.

Itzik followed her colleague, Ronnie Bar-On, who also resigned from Kadima before the elections. He is due to be appointed shortly as an external director at Alrov (Israel) Ltd. (TASE: ALRO), controlled by Alfred Akirov. Bar-On will serve a three-year term, and he, too, will enjoy a big pay rise.

Published by Globes [online], Israel business news - www.globes-online.com - on April 10, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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