Mozes lands NIS 9.2M golden parachute
Outgoing ICL CEO agrees to stay in office until replacement is found. His terms of retirement entitle him to 12 months' salary, severance pay for his 37 years of employment in company
Mozes already announced his resignation to the company's board of directors last Thursday. He agreed to remain in office until a replacement is named, after which he may join the ICL or Israel Corporation board of directors.
The board is expected to appoint a committee to choose a new CEO. ICL is traded on the second largest market cap on TASE and a host of candidates are expected to vie for the coveted position, including several senior executives from ICL's subsidiaries. Analysts are uncertain as to who is the most probable candidate.
Figures published by the company show that Mozes' salary during his tenure as CEO totaled some NIS 100 million ($26 million) and his reported earnings before tax from exercising company options amounted to at least NIS 141 million ($37 million).
Calcalist has learned that Israel Corporation was surprised by the announcement.
"No one expected this. It's clear that he has been considering stepping down for a while, but the announcement was a surprise as there were no indications that this was imminent," noted a source with knowledge of the company.
"Granted, he has been with the company for a very long time. He is not young and wanted to end his tenure at his convenience. Israel Corporation tried to talk him out of retiring, but the most that they could get out of him was a promise in principle to remain in an executive position at the company or at Israel Corporation.
"The replacement will be done in an orderly and structured procedure although the nomination mechanism is yet undecided."
Fat golden parachute
Once retired in effect, Mozes will remain in office until a replacement is found, after which he will receive a golden parachute equivalent to 12 salaries and severance pay for each month he worked in the company, amounting all together to some NIS 9.2 million ($2.4 million).
In 2010, Mozes' annual compensation amounted to $5.74 million. The cost of his salary including the base wage and social benefits totaled $1.14 million, a $1.47 million bonus for the company's 2009 results and accounting provisions for $3.13 million in options he received from the company.
In his years of full tenure at ICL (excluding 2011), Mozes received compensation at the cost of some $24.4 million. ICL's cumulative net profit for that period was some $5.65 billion.
As of January 2 2012, Mozes holds 433,000 ICL shares valued at NIS 17.3 million ($4.5 million). He also holds 1.1 million out of the money options given to him on January 2010.
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