The former IDF chief of staff has occupied the post provisionally since the beginning of November.
Former IDF chief of staff Lt.-Gen. (res.) Amnon Lipkin-Shahak has been appointed chairman of El Al Israel Airlines Ltd. (TASE: ELAL). El Al controlling shareholder Israel (Izzy) Borovich announced his resignation from the post several months ago, after a dispute with his twin brother, David (Dedi) Borovich, who jointly controls the airline through Knafaim Holdings Ltd. (TASE: KNFM).
The brothers' dispute arose over their decision to part ways in their joint business. Israel Borovich sought to sell his 16.8% stake in Knafaim to David at a company value of NIS 145 million. Israel Borovich said at the time that, when the deal was closed, he would resign his posts at El Al and Knafaim. Although the brothers signed a contract, David did not complete his side of the deal.
Lipkin-Shahak has been a director of El Al since October, and served as acting chairman since early November. Israel Borovich will continue to serve as a company director.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2008
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