The board of directors at Delek Israel gave a nod of approval Tuesday for the appointment of former Government Companies Authority Director-General Udi Nissan as chairman.
Delek Israel is a subsidiary of the Delek Group, which is controlled by Yitzhak Tshuva. It operates a gas station chain and the Menta convenience store chain.
The terms of Nissan's employment were approved by Delek's board, and on January 2 they will be brought up for vote at the company's general meeting.
Under the terms of the agreement, Nissan will receive a NIS 60,000 (about $15,600) monthly compensation for a 35-hour week and a NIS 120,000 ($31,180) signing bonus.
Nissan's salary will cost Delek $1 million a year, not including bonuses and options.
Under the terms of the agreement, Nissan will also be entitled to an annual bonus at the exclusive discretion of the board, which will also determine the size of the bonus.
Nissan will replace Moshe Amit, who was the company's chairman since 2004. Nissan's appointment will be effective as of January 2013.
Ironically, Nissan and Tshuva have a bitter history together when Nissan played a key role on the Sheshinski Committee for the corporate tax reform, which raised corporate tax from 35% to 62%.
One of the companies which took a hit following the reform was Delek Energy, controlled by Tshuva.
This is not the first executive appointment that plucks senior Ministry of Finance executives into the gas and oil exploration market. Delek Drilling CEO Yossi Abu served previously as senior consultant for former Finance Minister Ronnie Bar-On, and former chief communications and tourism coordinator at the Ministry of Finance's budget department, Yehuda Saban, is currently VP regulation at Delek Drilling.
This report was originally published in Hebrew