Former Israeli Official Yanky Kuint to Earn $750,000 Annually at NewMed Energy
Translated & summarized from Globes by baba
Yanky Kuint will become Chairman of NewMed Energy, earning an annual salary and options package valued at approximately NIS 2.8 million. Niv Serner, the new CEO, will have an annual compensation package of about NIS 4.5 million, including salary and options. Both appointments are pending approval and come with potential performance bonuses. NewMed Energy is a major player in gas exploration, holding significant stakes in the Leviathan field.
The story in 5 lines · by baba
- Yanky Kuint to earn NIS 2.8 million annually as NewMed Energy Chairman.
- New CEO Niv Serner's compensation package is valued at approximately NIS 4.5 million.
- Both Kuint and Serner are eligible for performance-based annual bonuses.
- NewMed Energy is controlled by Delek Group and operates the Leviathan gas field.
- Kuint previously led the Government Companies Authority and Israel Land Authority.
Yanky Kuint is set to transition from the public to the private sector this week, taking on the role of Chairman of the gas and oil partnership NewMed Energy, controlled by the Delek Group. Kuint, who previously served as the Director General of the Government Companies Authority and Chairman of the Israel Land Authority, will see a significant salary increase, with his annual compensation expected to reach approximately NIS 2.8 million (about $750,000). His employment terms, pending approval from the unit holders' meeting, include a monthly salary of NIS 144,000 (including car expenses) for a 70% position. Additionally, he will receive options vesting over three years, valued at around NIS 3 million. NewMed Energy noted Kuint's "ability, skills, and experience" to contribute significantly to the partnership's achievements and navigate challenges.
Alongside Kuint's compensation package, NewMed Energy is also seeking approval for the employment terms of its new CEO, Niv Serner, who replaced Yossi Abu in August. Serner will receive a monthly salary of NIS 260,000, adjusted quarterly for inflation, plus options vesting annually over three years, valued at approximately NIS 4.2 million. His total annual compensation is projected to be around NIS 4.5 million. Serner may also be eligible for an annual bonus of up to 12 months' salary, contingent on meeting predetermined quantitative targets.
The company stated that Serner's terms are "appropriate given his skills, professional experience, the responsibility and authorities entrusted to him, and in light of the challenges facing the partnership." Serner previously served as the partnership's chairman for two months and led business development and marketing for the Tamar gas field. His background includes leading M&A in the energy sector for Delek Group and business development for Noble Energy in the Eastern Mediterranean.
NewMed Energy, controlled by businessman Yitzhak Tshuva's Delek Group (54%), is involved in oil and gas exploration, holding stakes in Israel's "Leviathan" gas field and Cyprus's "Aphrodite" field. The partnership's units have risen about 5% in the past year, with a current market value of approximately NIS 19 billion.
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