Delek Group Rewarding Talent With Huge Bonuses

Real estate manager Ilik Rozanski gets NIS 40m through stock options

Delek Group controlling shareholder Yitzhak Tshuva continues to reward senior executives amply. After Delek Motors CEO Gil Agmon, it is now time for Delek Real Estate CEO Ilik Rozanski. The board yesterday approved options for senior employees, firstly Rozanski.

The 7.41 million shares covered by Rozanski's new options are worth NIS 224 million on the exchange today, making Rozanski's perk worth some NIS 40 million.

Rozanski owns 2% of the company. His shares are not locked up.

If he exercises the options Rozanski will own 6% of Delek Real Estate, making him a major shareholder, as are the Delek Group, pension fund Mivtachim and Bank Hapoalim.

Tshuva's son-in-law Rami Naor was also approved stock options worth NIS 15 million.

The options allocations to several executives were reported in a prospectus for the company's May 2005 share offering. Since that offering, Delek Real Estate shares have soared 120%, lifting its market cap to $662 million.