Bank Leumi Cancels CEO Options Grant After Regulator Objection

Bank Leumi said it will not proceed, for now, with 854,700 non-tradable options for CEO Hanan Friedman after talks with the Banking Supervision Department. Shareholders approved the grant on May 26, and the options could have converted into up to 77,700 bank shares, partly based on growth in Leumi Partners’ fair value. The regulator’s July 27 guidance said variable pay should not rest chiefly on one business unit’s performance. Leumi’s filing says the decision follows the supervisor’s published position, leaving Friedman on his existing compensation terms.