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Galia Maor - the 'Iron Lady' of banking
Photo: Avigail Ozi

Ex-Leumi CEO gets NIS 3.25 million to stay out of banking

Bank Leumi cites 'extensive, exclusive information' amassed by Galia Maor during her long time as CEO as the reason for extending the non-competition period from 18 to 24 months

Bank Leumi's board of directors has extended the non-competition period for outgoing CEO Galia Maor to two years and is paying her a sum of NIS 3.25 million (roughly $850,000) to stay out of banking for the agreed length of time, the bank announced Monday morning.

 

The terms of the "cooling-off" agreement stipulate that Maor cannot accept any office or role in any Israeli bank (or foreign subsidiary) and cannot offer any services to any such company, whether directly or indirectly.

 

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Originally, the non-competition period was set at 18 months, but the bank decided to extend it and offer Maor extra compensation.


Bank Leumi: Maor has amassed 'extensive knowledge' (Photo: Zvika Tishler)

 

The bank explained in a statement that it was important to extend Maor's period of non-competition, due to the extensive, exclusive information she had amassed during her time as CEO. The agreement was fair and served the bank's best interest, the statement continued.

 

In 2011, Maor – who had served as CEO for 17 years – earned a monthly salary of NIS 243,000 ($63,800), compared to NIS 195,000 ($51,200) per month in 2010. In addition, she received an annual bonus of NIS 4.4 million ($1.15 million) and benefits worth NIS 1.6 million ($420,200).

 

 

At the beginning of May, Rakefet Russak-Aminach officially took over as CEO of Bank Leumi. Her contract states that if she resigns, she will be required to commit to a non-competition period of six months.

 

 


פרסום ראשון: 05.12.12, 08:56
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