TASE Seeks to Retain CEO Itai Ben-Zeev with 5 Million NIS Package in Strategic Shift
The Tel Aviv Stock Exchange is proposing a 5 million NIS retention package for CEO Itai Ben-Zeev alongside a strategic overhaul to become a public holding company targeting 1 billion NIS in revenue by 2028.
The Tel Aviv Stock Exchange (TASE) is advancing a strategic plan to transform into a public holding company while seeking to retain CEO Itai Ben-Zeev. To secure his leadership through the coming years, TASE is proposing a conditional retention package consisting of a 3.5 million NIS grant and options valued at 1.5 million NIS, which requires shareholder approval.
The retention grant is structured as a repayable loan that Ben-Zeev will receive this November. He will be required to return the full amount if he initiates his departure from the company within the subsequent five years. This adds to two similar retention loans he received in 2019 and 2023. The 2019 loan has already been converted into a grant, and the 2023 loan is scheduled for conversion in 2028, provided he remains in his position. In total, the conditional retention grants received and awarded to Ben-Zeev since taking the helm reach 10.5 million NIS.
In addition to the cash grant, Ben-Zeev will receive 46,800 options that vest fully after five years. TASE has set an ambitious exercise target for these options: a share price increase of 88% over five years to an exercise price of 240 NIS per share. This would reflect a company valuation of 22.3 billion NIS, compared to its current market capitalization of 11.9 billion NIS. While this target significantly exceeds the regulatory minimum, historical context shows that TASE shares have surged 800% over the past five years, driven by strategic milestones such as the sale of bank holdings in 2023 and the launch of Friday trading.
Strategic Expansion and Global Vision
Alongside the executive compensation proposals, TASE announced its strategic roadmap for the coming years. The exchange plans to restructure into a public holding company encompassing separate entities for trading, clearing, indices, data, and technology. This reorganization aims to facilitate strategic acquisitions, attract new partners, and expand into new financial domains.
The exchange also intends to establish trust and fund administration service companies to diversify revenue streams beyond traditional trading and clearing activities. TASE has targeted an annual revenue growth rate of 15% to 18%, up from the previous 10% to 12% trajectory, aiming for revenues of approximately 1 billion NIS by 2028, compared to 564 million NIS in 2025.
