In preparation for the shareholders’ meeting bShufersal To meet on September 22, the company’s board of directors recommended updating the retirement conditions of company chairman Itzik Abarkhan.
After discussion with the institutional bodies, it was decided at the meeting that instead of the NIS 2.5 million grant that Abarkhan was expected to receive, and which caused a stir, the chairman will receive six months’ notice, in addition to six months of adjustment in the amount of his salary, which is NIS 157 thousand per month, as long as He will remain in his position for a minimum period of at least two years. This is, as stated, instead of the one-time grant that was announced last month that Abarkhan is expected to receive due to his “waiving” of the adjustment period he was entitled to upon his return to the company as chairman.
■ Abarkhan will receive a retroactive grant of NIS 2.5 million and options for NIS 10 million
■ Weak performance and managerial instability take a toll: Shufersal’s retail profits plunged by 60%
Abarkhan apparently hopes to lead Shufersal to profitability, against the background of the weak results of the second quarter that it presented and the difficult half, and in two years to present performances that will justify the grant, which during this period, after the decrease in the company’s profits and the waves of protests regarding the cost of living, drew a lot of criticism.
Reorganization and efficiency
These days, Abarkhan is leading, together with the company’s CEO Uri Waterman, the board of directors and the management, a series of moves and actions to improve Shufersal’s performance and continue its positioning as the largest retail company in Israel, while carrying out reorganization, streamlining plans and refining the company’s business plans, especially in light of the close competition with The entry of the French retail giant Carrefour into Israel.
Shufersal, which is run without a core of control, has experienced many upheavals at the management level in the last year, including the replacement of the chairman and CEO. The institutional bodies, which hold the majority of the company’s shares, led to the return of retiring CEO Abarkhan to the network, this time in the role of chairman, and he in turn appointed a new CEO, Uri Waterman, in place of Ofer Bloch who had to vacate his position after a short two-month term in office, followed by senior more in the company.