Nice Systems CEO Barak Eilam has been one of the highest earners among managers of Tel Aviv Stock Exchange-listed companies in recent years. In 2023, his compensation cost totaled $24.5 million (NIS 90 million), most of it in stock-based compensation. This is similar to the cost in 2022.
Eilam’s compensation in 2023 consisted of a salary cost of $1 million, a $1.1 million bonus, a cost of $7 million recognized for stock-based compensation awarded to him in 2023, and a further cost of $15.6 million arising from stock-based compensation awarded in previous years.
Four other senior managers at Nice Systems received compensation costing an aggregate $27.2 million.
Nice Systems deals in customer relations management and risk management solutions. It is traded on the Tel Aviv Stock Exchange and on Nasdaq, and is currently the most valuable company on the local exchange, with Teva Pharmaceutical Industries a close second. Nice Systems’ market cap is $16.3 billion.
Eilam has been Nice Systems’ CEO for a decade, and in that time he has received compensation costing a cumulative $125 million (NIS 460 million at current exchange rates), most of it, $104 million, in the form of stock-based compensation.
From Nice Systems’ 20-F filing it emerges that its workforce grew by 5.8% in 2023 to 8,384.
Another dual-listed company that has filed its 20-F report for 2023 is defense company Elbit Systems, which has a market cap on Nasdaq and on the Tel Aviv Stock Exchange of $9.4 billion. Elbit Systems president and CEO Bezhalel Machlis had a compensation cost in 2023 of $4.66 million (NIS 17 million). In Machlis’s case too, the figure is similar to that for 2022. It comprises a salary cost of $1.4 million, a $2 million bonus, and options.
At the end of 2023, Elbit Systems had nearly 19,000 employees around the world, and this week Machlis said that it would recruit thousands more this year.
At Ormat Technologies, also dual listed (Tel Aviv Stock Exchange and New York Stock Exchange), CEO Doron Blachar’s compensation cost in 2023 was $3 million, of which $1.8 million was stock-based compensation. Blachar’s compensation cost in 2022 was $2 million.
Published by Globes, Israel business news – en.globes.co.il – on March 28, 2024.
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