El Al Israel Airlines Ltd. (TASE: ELAL) has announced that its CEO, Elyezer Shkedy, is resigning from his position. No date has yet been set for the resignation to take effect.
Shkedy has headed El Al for four years since completing his term as commander of the Israel Air Force. He became CEO of El Al in January 2010. His reported salary cost since then totals NIS 21.5 million, mainly because of an exceptional salary cost of NIS 16.7 million in 2010. That year, Shkedy donated NIS 5.5 million, half of his bonus, to a fund for outstanding company employees.
El Al has lost $17.4 million, and its share price has declined by 38%, since Shkedy was appointed. It should be pointed out that in the first nine months of 2013 the airline made a profit of $29 million. Shkedy's salary for 2013 is not yet known, and will be reported in the annual financial statements.
According to the company announcement, Shkedy's decision to leave his post does not involve any circumstances that need to be reported to shareholders.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2013
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