Hertzel Ozer steps down as Hot CEO

Ozer will continue to serve as Hot's chairman. Hot Mobile CEO Zachi Ilan will replace Ozer.

Hot Telecommunication Systems Ltd. (TASE: HOT.B1) chairman and CEO Hertzel Ozer is stepping down as CEO, but will continue to serve as chairman. He took up to the post of CEO in December 2008. He will be succeeded as CEO by HOT Mobile Ltd. CEO Zachi Ilan on March 1.

"It was a great privilege to manage Hot during the years that the company became established, in which it became the group that challenged the markets in which it operated, and expanded its activity to all telecommunications sectors," said Ozer. "In the past five years, Hot has changed from end to end, from being the fourth largest telecommunications company to become the second largest telecommunications company in Israel and part of an international telecommunications corporation.

"I and placing the company in the trusted hands of Zachi Ilan, who has proven his capabilities in previous positions at the company, first as the company's VP service and sales, and later as CEO of Hot Mobile, where, in a short time, he stabilized the company and brought it to handsome achievements."

Patrick Drahi added, "Ozer is one the most skilled and experienced CEOs in the Israeli market. After five years of intensive work as CEO, Ozer has asked to focus on his job as company chairman. I have also asked Hertzel to work in developing Altice's business, and I believe that he will contribute his skills and experience in this important activity too."

Ozer has served as Hot's CEO for five years, and in view of the changes in the company and in the telecommunications market, it was decided he will continue to be involved in the Israeli activity as well as helping Hot's owner, Patrick Drahi, in its international activity.

In January, Hot's board of directors approved Ozer's compensation package, under which he will receive up to NIS 6.8 million, broken down as follows: a basic salary of NIS 1.8 million, a special bonus of NIS 1 million, and a performance bonus of up to NIS 4 million.

Since taking up the post of Hot's CEO, Ozer's cumulative salary cost has been NIS 21.2 million. He is now entitled to a golden parachute and salary supplements for his work since the beginning of 2013.

Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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