Tel Aviv Stock Exchange CEO to Receive Multi-Million Shekel Bonus Amidst Market Surge
Translated & summarized from Ice by baba
The Tel Aviv Stock Exchange shareholders approved significant bonuses for executives, including CEO Itai Ben-Zeev, whose stock has risen 2,500% under his leadership. Ben-Zeev will receive a retention bonus of NIS 3.5 million, contingent on his continued service until June 2032, alongside additional shares and options. Chairman Eugene Kandel also received equity compensation. The exchange's stock has surged 66% this year, and management plans 15-18% annual revenue growth over the next five years.
The story in 5 lines · by baba
- TASE CEO Itai Ben-Zeev to receive a NIS 3.5 million retention bonus if he stays until June 2032.
- TASE stock has surged 2,500% since 2017, reaching a market value of NIS 14.5 billion.
- Ben-Zeev's personal TASE shareholding is valued at approximately NIS 536 million.
- TASE stock is up 66% in the current year.
- Management plans 15-18% average annual revenue growth over the next five years.
The Tel Aviv Stock Exchange (TASE) shareholders have approved significant compensation packages for its senior executives, including a special retention bonus for CEO Itai Ben-Zeev. The decisions aim to ensure the continued stability of the management team that has overseen a period of substantial financial growth for the exchange. Ben-Zeev, who has led the TASE since 2017, is credited with orchestrating a major business turnaround. During his tenure, the TASE stock has surged by approximately 2,500%, boosting the company's market value to a record high of around NIS 14.5 billion. This growth is attributed to Ben-Zeev's initiatives to open the local market and attract international financial entities and investors.
Ben-Zeev's personal holdings in the TASE, amounting to about 3.7% of the shares, are now valued at approximately NIS 536 million. His total compensation in 2025 was around NIS 5.4 million. The newly approved retention mechanism includes a NIS 3.5 million loan, which will convert into a full bonus if Ben-Zeev remains CEO until at least June 2032. This structure is similar to a previous arrangement he had in 2019 and realized in 2024. Additionally, he will receive about 46,800 shares at an exercise price of NIS 240 per share, adding to over 544,000 options granted in 2023, which vest fully in June 2028.
Chairman of the Board Eugene Kandel also received equity compensation, including approximately 35,000 options at an exercise price of about NIS 164.5 per share. This generous compensation follows a strong performance this year, with the TASE stock already up by about 66% since the beginning of 2024. The management recently presented a five-year strategic plan targeting an average annual revenue growth of 15%-18%, building on an impressive 19% annual growth rate since 2023. The plan includes aligning with global standards, developing new indices and derivatives, upgrading clearing systems, expanding membership, and entering new global financial markets.
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