Israel Makov
Photo: Avigail Uzi
Makov cuts $13M coupon on Netafim deal
Former Teva CEO joined Netafim in March 2007 with salary package of NIS 200,000 per day
The Markstone and Tene funds pocketed profits that tripled their investment in the Netafim-Premira deal
but it was Israel Makov that raked in the big bucks from the deal.
Two years as company chairman were enough to earn the former chief of Teva a cool $13 million, Calcalist has learned.
Makov was appointed to the job in March 2009 and stepped into office several months later, He was paid NIS 150,000 ($40,6500) a month for working two days a week, but the real bonanza for Makov was a package of 390,000 options for Netafim shares, which under the current deal's terms are worth NIS 13 million ($3.5 million).
Sources close to the company said they doubted that even in Teva Makov made that kind of money within two years.
A quick calculation shows that Makov served as chairman for two and a half years which are 130 weeks which are 260 workdays.
During this period, his salary was NIS 4.5 million ($1.2 million); with a NIS 48.2 million ($13 million) bonus – his wage cost was 200,000 per workday – a whopping figure by any standard and a record executive salary in Israel.
Makov stepped down from the management of Teva Pharmaceuticals after serving as CEO for four and a half years, during which the company quadrupled its profits to $8.5 billion and its adjusted net profit grow six times.
The annual yield for Teva's shareholders was 24%. In the last general elections, Makov headed a special team that formulated the Kadima party's platform.
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