New TASE CEO pick Yossi Beinart begins transition into role

‘Globes’: May earn a total of NIS 1.8 million a year.

November 4, 2013 02:51
1 minute read.
Tel Aviv Stock Exchange CEO Yossi Beinart

Yossi Beinart 370. (photo credit: Courtesy Nadex)

The board of the Tel Aviv Stock Exchange held its first working meeting on Sunday with Yossi Beinart, who was picked to replace outgoing CEO Ester Levanon on Thursday.

During the meeting, the board set the compensation terms with Beinart, who has served as president and CEO of Chicago-based Nadex (North American Derivatives Exchange).

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Though the board said Beinart’s salary would be lower than Levanon’s, in accordance with new rules, Globes cited sources on Sunday saying his income could be as high as NIS 1.8 million: NIS 1.2m. plus another NIS 600,000 in bonuses for hitting targets.

Combined, the total would be somewhat more than the NIS 1.76m. Levanon earned in 2012.

Similar working meetings are to continue through December, when Levanon steps down.

Both Levanon and TASE chairman Saul Bronfeld announced their resignation in July, on the background of dropping liquidity in the exchange and disagreements with Israel Securities Authority chairman Shmuel Hauser.

On news of Beinart’s selection, Hauser praised the selection, but threw in a jab at the outgoing leadership over the exchange’s recent performance.

“I’m sure it’s possible to turn the exchange in Tel Aviv from a good exchange to an advanced, innovative, and renewing exchange, which has more local and foreign companies whose securities are listed for trade on the exchange, advanced trade technology, trading availability for foreign and local investors, financial products for the benefit of all investors and trading volumes that are much higher than those we’ve ever had,” he said.

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