Former Leumi Executive Tzachi Artzi Set to Outearn Bank CEO at Nawi Group
Former Bank Leumi senior executive Tzachi Artzi is set to receive a 4.6 million shekel annual compensation package at Nawi Group, surpassing the CEO of Bank Leumi.
Tzachi Artzi, who left a senior role at Bank Leumi to manage the non-bank credit company Nawi Group, is set to receive a more generous compensation package than that of Leumi CEO Hanan Friedman. Nawi Group published the notice for its upcoming shareholders' meeting, asking to approve an annual compensation package for Artzi totaling 4.6 million shekels (including a one-time signing bonus of 600,000 shekels), while Friedman's compensation last year stood at 4.4 million shekels.
Shareholders of Nawi Group, a public company traded at a market cap of 1.6 billion shekels—compared to Leumi's market cap of 116 billion shekels—are asked to approve an annual base salary of 2 million shekels for Artzi, a bonus of up to 2 million shekels, and a 600,000 shekel signing bonus. The gap is primarily driven by the executive compensation law that caps salaries for bankers and CEOs in traditional financial institutions.
Artzi is scheduled to assume office on July 4, 2027, and will be entitled to terminate his employment with a three-month advance notice. Nawi Group will be able to terminate his employment with a six-month notice, or waive the notice period while paying his full salary for it.
Artzi brings around 25 years of experience in banking, credit, and finance, currently serving at Leumi as chairman of credit committees and a member of the bank's supreme credit committee. Dori Nawi, who holds approximately 70% of the company's shares, will serve as vice chairman at a 66% part-time position, continuing to lead relations with the banking system and capital markets, managing risks, and supporting the incoming CEO. Nawi's compensation was cut to management fees of 1.3 million shekels, plus vehicle expenses valued at 500,000 shekels and maximum expense reimbursements of up to 250,000 shekels.
