Altshuler Shachem has stopped the salary increase for Harel Wiesel, the owner and CEO of the Fox network. The shareholders’ meeting regarding the compensation policy and updating the terms of office of the controlling owners and their associates will be moved to December 22 and it seems that a revised report will be published with the salary conditions accepted by the institutional bodies, including Altshuler Shachem that is The largest institutional with a holding of about 16% in the company.
According to the previous proposal, the compensation policy will change when the variable component, which includes grants and blocked shares, in Wiesel’s compensation will increase from 70% to 80% of the total compensation. His salary cap will rise from NIS 8.7 million to NIS 10.5 million per year and the value of the blocked shares he will receive will increase by 25% to NIS 25 million.
The intention was to give Wiesel blocked shares amounting to 0.35% of the company in full dilution, to be distributed in equal pulses over three years. The 25% vesting of most of these shares will be subject to business performance. So this proposal was rejected, while in the meantime the shareholders will vote on the salary of those close to the controlling owners and other controlling owners:
The salary of Harel Wiesel’s brother, Assaf Wiesel, who serves as senior deputy to the CEO and CEO of Fox Israel, will rise to NIS 78.5 thousand compared to NIS 75 thousand in the previous year. Also, Assaf Wiesel, as well as – Elad Vared and Michal Rivkind-Fox – Avraham Fox’s daughter and CEO of the Greek stock chain Jumbo in Israel, which belongs to the group, will receive blocked shares at a rate of 0.08% of the company.
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In a difficult stock market – the stock fell by about 39% to a value of NIS 4.6 billion. The reason – the fashion company’s results return to reality. The company recorded a profit of NIS 50.3 million in the third quarter compared to NIS 87.4 million in the corresponding quarter. True, there are significant financing expenses in the current quarter of NIS 36 million (compared to NIS 17 million last year), so we can also say that the profit in the quarter is NIS 60 million, but in any case, this brings the company to a representative annual profit rate of NIS 200-250 million per year. The previous year’s profits were due to the corona closures, the decrease in expenses, and the huge sales through the network.
Fox brought in NIS 1.24 billion in the third quarter of 2022, an increase of 9.1% compared to NIS 1.14 billion in the corresponding quarter last year. However, the gross profit margin slightly eroded to 57.1% compared to 57.9% in the corresponding quarter. Sales and marketing expenses jumped by 16% to 586 million shekels (compared to 505 million last year).
The result is a 24% drop in the operating profit which was NIS 101.8 million (profitability rate of 8.2%), compared to NIS 133.8 million (11.8%) in the corresponding quarter, and compared to NIS 143.6 million in the third quarter of 2019, (profitability of 19.3%). The aforementioned net profit fell by 42.5% and stood at NIS 50.3 million, compared to NIS 87.5 million in the corresponding quarter. The net profitability rate fell to 4.1%, compared to 7.7% in the corresponding quarter.
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