Rami Levy, CEO of the brand named after him, has called a shareholders’ meeting to approve improved employment terms for himself and his daughter Yafit Atias Levy, who serves as the marketing deputy manager in the chain.
The purpose of the meeting is to approve Yafit Levy’s salary to NIS 643,000, compared to NIS 451,000 currently, representing a 42.5% increase.
In the company’s report to the stock exchange, it is noted that Yafit Levy “has been employed by the company since 2007 in various management and marketing roles, including managing the company’s customer club. She has demonstrated high managerial abilities and has contributed significantly to the company’s marketing and advertising field, and thus to the company’s success and strengthening its brand.
“Various and innovative activities, projects, and actions of the marketing and advertising department were presented to the Compensation and Governance Committee, and in recent years, she has significantly improved the company’s branding and positioning.”
The Compensation and Governance Committee emphasized “the importance of the marketing VP’s efforts, in a way that she will continue to work to increase the number of members in the company’s customer club and increase the company’s sales in general and among club members.”
It is further noted that “the members of the Remuneration Committee and the company’s Board of Directors believed that the gaps between the proposed terms of employment of Yafit Levy, and the average employment cost and the median employment cost of other employees of the company and of subcontractor employees employed by the company, are not such as to negatively affect labor relations within the company.”
Rami Levy and daughter get raises while employees make minimum wage or just volunteer
Many of the employees employed in the chain receive minimum wage, and Rami Levy also expressed difficulty in recruiting more employees during the war with Hamas. At the beginning of the war, the chain even boasted that volunteers manned stations in the stores.
Levy himself wants to upgrade his fixed salary component from of NIS 95,000 per month today to NIS 120,000 per month. In 2022, Levi’s salary cost amounted to NIS 3.4 million, with two-thirds of it due to bonuses and the rest due to salary.
