After giving up part of his salary during the Corona period, Castro’s CEO, Ron Rotter, is asking to return to receiving a full salary, and a little more.
Rutter gave up part of the salary in the period between May 2020 and March 2021, when the salary was NIS 32,000 per month instead of NIS 86,000 per month. An update to the fixed compensation component of Rutter’s terms of office is now being submitted for approval by the shareholders’ meeting, according to which the salary will jump to NIS 110,000 per month.
This is a nominal increase of about 28%, and linking the monthly salary to the increase in the index. The company explains that until now, and although the compensation policy allows, Rotter’s monthly salary was not linked to the index, so the actual increase is lower.
Castro ended the second quarter of the year with a 42% drop in operating profit compared to the same period last year, and a 38% drop in net profit to NIS 31 million. The profit was affected, among other things, by a tax of NIS 8.5 million that was paid against the background of a settlement with the tax authorities regarding the distribution of a dividend of NIS 84 million distributed by the company in July.