Anyone Care for a NIS 40m Bonus?

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 currently holds a 2-percent stake in the company, none of which is in lockup. After exercising the options, Rozanski may hold up to 6 percent 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 a NIS 15 million share option.

The options allocations to several executives were reported in a prospectus for the company's May 2005 share offering. Since that offering, Delek shares have soared 120 percent to hit a company value of $662 million.