Max Stock Limited Discloses Eliad Max's Employment
Max Stock Limited (TASE: MAXO) has made an important announcement regarding the employment of Mr. Eliad Max, son of company's CEO, Mr. Ori Max. This decision was disclosed following approvals from the remuneration committee and the board of directors.
Details of the Employment Agreement
On two separate occasions, the board confirmed that Mr. Eliad Max will take on a junior management position at a branch operated by a subsidiary. His hourly wage will align with the customary pay for similar roles within the company, and will include social benefits in accordance with local laws.
Salary Structure and Compliance
The terms indicate that the total monthly remuneration for Mr. Eliad Max will not exceed the average salary in the market, ensuring that compensation remains reasonable when considering his engagement scope, role nature, and requisite skills. Mr. Eliad Max’s status as a student means he will likely engage in part-time work.
Regulatory Considerations
Significantly, the employment complies with Regulation 1B(a)(4) of the Relief Regulations, which restricts the number of employees under these specific terms to two at any time. Presently, only one other individual, Mr. Ori Max's sister, is employed under this regulation in a similar capacity.
Company Overview
Max Stock stands out in Israel's retail landscape as a leading extreme value retailer, boasting 64 locations nationwide. The company provides a rich variety of products designed to meet everyday needs at budget-friendly prices, embodying its mission to help customers "Dream Big, Pay Small." This philosophy underscores their commitment to quality and accessibility.
Conclusion
The announcement of Mr. Eliad Max’s employment reflects Max Stock Limited's ethos of balancing family involvement with corporate governance. These developments are closely watched by stakeholders in the retail sector, especially given the company's prominent standing in Israel.
Frequently Asked Questions
What is the nature of Eliad Max's position?
Eliad Max will serve in a junior management role within one of the company's subsidiaries.
How is Eliad Max's salary determined?
His salary is set not to exceed the average market salary for comparable positions, which is assessed regularly.
What regulations govern this employment?
His employment is managed under Regulation 1B(a)(4) of the Relief Regulations, which has specific guidelines for related party transactions.
What does Max Stock Limited specialize in?
Max Stock is known as Israel's leading extreme value retailer, offering a diverse range of products at affordable prices.
How many locations does Max Stock have?
Max Stock Limited currently operates 64 branches across Israel.
