Sources inform ''Globes'' that agrochemicals maker Makhteshim Agan Industries Ltd. (TASE: MAIN) is the latest IDB Holding Corp. Ltd. (TASE:IDBH) company to cut the salaries of its top executives. Makteshim Agan Chairman and CEO Avraham Bigger will take a 10% salary cut. His salary totaled NIS 4.4 million in 2007. The salaries of other executives will be cut by 8%. The pay cuts will apply through the end of 2009.
Yesterday, IDB unit Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) announced similar cuts in the salaries of the company's CEO and top executives. The executives pay cuts at IDB companies is at the order of IDB chairman and CEO Nochi Dankner, who cut his own salary by 25%. Not all IDB companies have decided on executives pay cuts.
Makteshim Agan makes herbicides, pesticides, and fungicides. The company has reported record quarterly results lately thanks to the boom in agriculture and commodities prices. However, the subsequent plunge in commodities prices and worries about a global recession are liable to affect the company, although Bigger recently said that the company has seen no decline in demand for its products.
Makteshim Agan's share fell 3.1% in morning trading on the TASE to NIS 12.38.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2008
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