Former IDF Chief of Staff Dan Halutz wasappointed chief executive officer of Kamor Motors and has received options on 5% of the company's shares, Yedioth Ahronoth reported Wednesday.
Halutz is to replace Kamor Motors' outgoing CEO, Daniel Brenner, who owns the controlling interest in the Kamor group.
Kamor Motors, which imports BMW cars to Israel, is traded in the Tel Aviv Stock Exchange under an estimated market value of $40.44 million. Halutz's stock options are worth about $1.99 million.
Should Halutz wish to realize his options, Kamor Motors has guaranteed him a loan, but the final buyout price has not been decided on.
Halutz may have suffered harsh criticism form the Winograd Commission regardinghis performance as IDF chief of staff during the Second Lebanon War ,but once he resigned hiscommission and entered the private workforce, he was offered high-ranking positions in some of Israel's largest companies.
He was appointed chairman of the board of Starling Advanced Communication, a start-up company jointly owned by Raphael, Elbit and Nochi Dankner's IDB group, where he earns an estimated $7,500 a month.
Halutz also enjoys a military pension, estimated in several thousand dollars.
Kamor, which is also the BMW distributor in Bulgaria and the distributor of China's Cherry Vehicles in Bulgaria, Serbia, Montenegro and Macedonia, ended the first half of 2007 with a reported $2.70 million in revenue.