Adama Founder David Flusberg Gets EUR0.67M Severance
The former president and founder of realty developer Adama, David Flusberg, received EUR675,000 upon his departure from the company’s helm, after the company was taken over by Austrian Immofinanz, while the other founders, Dvir and Isaac Cohen-Hoshen, will receive similar sums.
The Austrian group took over 69.22% of Adama Holding in November 2011, in a transaction worth EUR42.43 million, and it became sole shareholder in the developer.
An Adama report notes that the sale contract established Dvir Cohen Hoshen and Isaac Cohen Hoshen would stay on as chief executive officer of Adama Holdings and CEO of Adama Romania respectively, over a one-year interval. Should their contracts be terminated sooner or at the end of their term, each of them receives EUR675,000.
Flusberg left the company as soon as the transaction was complete, and he collected EUR675,000.
Citește și
2 min
Matei Pantea
3 min
Roxana Petrescu
2 min
Iulian Anghel