Eli Yones's current five-year contract expires in April 2009.
Mizrahi Tefahot Bank (TASE:MZTF) controlling shareholders Mozes Wertheim and the Ofers want CEO Eli Yones to stay on, and are prepared to pay him handsomely to do so. They are offering him an improved compensation package worth tens of millions of shekels to renew his contract. His current five-year contract expires in April 2009.
A source at the bank said, "The measure was taken today to settle the issue before Yones gets other offers."
Wertheim and the Ofers met Yones last week, after which they asked the Mizrahi Tefahot Bank board to set up team headed by chairman Yacov Perry to formulate a new compensation package for Yones. The team did so quickly and submitted it to him. The new contract will be for three to five years.
Mizrahi Bank declined to comment on the matter.
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2008
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