Tel Aviv Stock Exchange Approves Retention Package for CEO

Shareholders of the Tel Aviv Stock Exchange (TASE) have approved a significant retention package for CEO Itai Ben-Zeev, designed to keep him in his position until June 2032. The package includes a NIS 3.5 million loan that will convert into a bonus if he remains with the company for the entire period. Additionally, Ben-Zeev will receive 46,815 stock options with an exercise price of NIS 240 per share. The TASE's stock has seen a substantial increase, rising approximately 65% since the beginning of the year and 103% over the past 12 months, with the company's market value around NIS 14.5 billion.

Ben-Zeev, who has served as CEO since 2017, is crucial for implementing the TASE's new strategic plan, which targets an average annual revenue growth of 15% to 18% between 2027 and 2031. The retention package aims to align his interests with those of the shareholders, especially given his existing substantial stake in the company, valued at around half a billion shekels. The loan structure, similar to previous retention agreements, requires him to repay the full amount if he leaves voluntarily before the end of the term.

The general assembly also approved 35,401 stock options for the Chairman of the Board, Professor Eugene Kandel, with an exercise price of approximately NIS 164.5 per share, valued at about NIS 1 million. Furthermore, a framework was approved for granting equity-based compensation to directors, along with the appointment of new board members Kfir Levio Goodrich and Michal Drayman. The TASE itself went public in 2019 and has since become a prominent entity in the local financial markets.