Amikam Cohen's salary will be cut to NIS 53,000 a month, as his position is reduced to 40%.
The salary of El Al Israel Airlines Ltd. (TASE: ELAL) chairman Amikam Cohen will be reduced from NIS 102,000 a month to NIS 53,000 a month, or NIS 636,000 a year, from January 2014, when his position will be reduced to 40%. He has served as chairman since February 2009 in a part-time position that was not defined.
The changes in Cohen's position and salary are included in El Al's summons to a special general shareholders meeting to approve executive compensation. The meeting agenda also states that Cohen will be ineligible for an annual bonus for El Al's results for 2013, even though the airline expects to post a profit for the year. In future years, he will eligible for a bonus of 0.72% of El Al's annual pretax profit, up to a cap of NIS 1.08 million.
El Al's shareholders will not be asked to approve the salary terms for CEO Elyezer Shkedy, as he announced his resignation on Sunday.
Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2013
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