Yossi Rosen is leaving the CEO's seat at The Israel Corporation (TASE: ILD)  a rich man. He is succeeded by Nir Gilad, formerly accountant-general at the treasury, who's starting with the potential to grow nicely rich through stock options.

Rosen received an NIS 4 million bonus plus NIS 3.2 million consisting of six months' pay, redemption of unutilized vacation time, and severance compensation.

His wage cost in 2006 came to NIS 7.7 million.

It isn't as though he's leaving the group, though. The Israel Corporation, which belongs to Sammy and Ofer Idan, has named him chairman of Oil Refineries, which the company bought from the state.

The Israel Corporation's explanation to shareholders regarding its generosity, is that it's roughly the norm among peer companies. Also, it said, the sum reflects Rosen's contribution to the company's development and results.

Gilad took over as CEO last month. He had served at the treasury from 2000 to 2002.