TEL AVIV, Jan 13 (Reuters) - Top officials at Israeli real estate developer Africa Israel Investments (AFIL01.TA) said on Tuesday they would take a 10 percent pay cut in 2009 as part of efficiency measures aimed at preparing the company for the global economic crisis.
The officials are Chief Executive Officer Izzy Cohen, Vice President of Marketing Tzvia Leviev Elazorov and Vice Chairman Nadav Grinshpon, who receives monthly compensation for advisory services.
Executives at other Israeli companies, such as Bank Hapoalim (POLI.TA) and the IDB Development (IDBD.TA) conglomerate, have taken similar steps in recent months.
Africa Israel is controlled by its chairman, billionaire diamond dealer Lev Leviev, and also has interests in energy, hotels, infrastructure and fashion. It owns 71 percent of AFI Development (AFIDLq.L), a Russia-focused real estate company.
