Globespan Cuts Committee Pay Amid Restructuring After Losing Major Distribution Deal

Globespan has decided to further reduce the compensation for members of its efficiency committee, Yaron Gazit, Eyal Fishman, and Gadi Nezer, following discussions with shareholders. This decision comes after the company lost the distribution rights for Winston and Camel tobacco products from international giant JTI and announced a comprehensive efficiency plan.

The company's general assembly has been postponed from September 24 to October 6 due to these developments. The controlling shareholders of Globespan are founder and chairman Gazit (40.5%), Fishman Networks (25%), and Nezer (4%).

Fishman's salary will decrease from NIS 30,000 to NIS 20,000 per month. However, Fishman Networks will receive NIS 10,000 monthly for information systems consulting, increasing its annual cost to Globespan from NIS 98,000 to NIS 254,000. Nezer's compensation will be reduced from NIS 25,000 to NIS 19,000 monthly, lowering his annual cost from NIS 217,000 to NIS 193,000. These payments to Fishman, Nezer, and Fishman Networks are set from September 2026 until December 2027 or until a new CEO is appointed.

Globespan's efficiency plan, announced about a month ago, includes the departure of CEO Roei Amit, with Gazit taking over as interim CEO without additional pay beyond his chairman's salary. Gazit will also forgo 75% of his NIS 150,000 monthly management fees until June 2027. Additionally, all board members' salaries will be cut by 20% from October until June 2027 or the end of their tenure.

The company is implementing these measures after losing its primary business of 25 years as the importer and distributor of Winston and Camel tobacco products, which JTI transferred to Diplomat. This move led Globespan to warn of a NIS 35 million loss in future profits for 2026 compared to 2025 and to seek new distribution agreements in various sectors to offset the revenue loss.