Shikun & Binui CFO sold shares just before CEO ouster

Allon Raveh

By selling the shares yesterday prior to media reports about Eyal Lapidot's imminent departure, Allon Raveh made NIS 70,000 more than if he had sold them today.

Shikun & Binui Holdings Ltd. (TASE: SKBN) CFO and CEO of Shikun & Binui Concessions Allon Raveh sold shares worth NIS 420,000 on Tuesday just before media reports that CEO Eyal Lapidot was to be ousted. Thus Raveh got in ahead of the share price's 16.75% fall today. Had he sold the shares today, he would only have received NIS 350,000 for them.

Shikun & Binui, like most large Israeli corporations, incentivizes and remunerates its most senior executives through share options.

Published by Globes, Israel business news - en.globes.co.il - on June 17, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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