Bank Leumi announces that all of its senior management team is giving up part of their salary in exchange for options

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Jul 03, 2023, 01:30 ET

TEL AVIV, Israel, July 3, 2023 /PRNewswire/ -- Bank Leumi (TASE: LUMI) announced yesterday that its senior management team has decided to exchange part of their compensation for options that will be issued by the bank. The bank's CEO Mr. Hanan Friedman, all of the members of the Bank's senior management team and Mr. Ron Ben Haim, CEO of Leumi Partners, the bank's investment arm, decided to the exchange, equivalent to around three salaries.

The move represents an expression of faith by the senior management team in the continued strong performance by the bank. The allocation of options has been approved by the Board of Directors. The allocation of options for the bank's CEO, Mr. Hanan Friedman, and Deputy CEO, Mr. Omer Ziv, is also subject to approval by a General Meeting of the bank's shareholders.

Bank Leumi's CEO, Mr. Hanan Friedman, said:

"This move, by which each member of Leumi's senior management team has decided to convert a significant part of their compensation into options, demonstrates a high level of confidence in the future performance of the bank. I am confident that the ongoing successful implementation of our long-term strategic plan will continue to create value for our customers and investors in the years to come."

Contact:

Michael Klahr
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SOURCE Bank Leumi