Dodo Zevida, the long-time CEO of the yielding real estate company and building developer, was summoned this evening (Tuesday) by the company’s board of directors for a hearing before his dismissal. This brings his relationship with the company that has gone awry in recent months, to what looks like the final chapter. This is on the assumption that there will be no legal battles down the road.
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The company stated that following the talks it is conducting with the company’s CEO “regarding the termination of the company’s contract with the management company under his (Zevida’s, H.S.) control and the termination of his tenure as CEO, Mr. Zevida was given a summons for a hearing prior to the termination of the said contract.”
Mebane operates without a controlling nucleus, with its main shareholder being the billionaire David Forer, who owns 18.6% of its share capital. Shares with a value of NIS 1.4 billion, which are only a part of the branch’s portfolio of assets. These shares do not confer control, and many institutional bodies also hold shares in the company at varying rates. Furer’s son, Tal Furer, serves as the chairman of Mevna, and as far as is known, there have been several black cats between him and Zebida recently. As far as is known, the relationship has been undermined against the background of the DSKSH deal, in which Zevida asked to examine a merger between the holding company and Mevna, which ultimately did not come to fruition.
Zevida, one of the most rewarded CEOs in the economy, was awarded the terms of employment of over NIS 50 million over his nine years as CEO of the company. To this must be added holdings in the company’s shares in the tens of millions of shekels, and additional rewards he received in senior positions prior to his appointment as CEO, which lead to a particularly significant increase in compensation. It is estimated that beyond the merger with DSKSH, a demand for new salary conditions was also raised, which led to an explosion between the parties.
Zevida joined the real estate group at the beginning of the previous decade, when it was under the control of Eliezer Fishman, shortly before the company and its owners were caught in a financial spiral. Against all odds, Zevida managed to stabilize the sinking ship, through a series of creative moves he led, which included raising capital and debt , along with merger and streamlining measures. During his time, a company on the brink of bankruptcy became a success story.