Salaries of top executives at Israel Corp & Zim to be cut by tenth

Effective through 2009 and in light of the economic slowdown. Chairman of Israel Corporation, Idan Ofer, and CEO, Nir Gilad, will both cut their pay by 10%
 
Chairman of Israel Corporation, Idan Ofer, and CEO, Nir Gilad, will both cut their pay by 10%, effective through 2009, as have other top executives in a move which also hits Zim Integrated Shipping Services, led by Doron Goder.
 
In a statement issued last week Israel Corp said: "The concessions were made due to developments in the global economy and their possible repercussion on the Israeli economy”.
 
In 2007 Idan Ofer's annual salary was NIS5.3 million while Nir Gilad's salary was NIS5.9 million