Published On: Sun, Dec 1st, 2013

El Al chief Eliezer Shkedy Stepping Down

The resignation, effective as soon a replacement is found and installed. No replacement has yet been named .

El Al chief Eliezer Shkedy JONATHAN BLOOM - PR
El Al chief Eliezer Shkedy / Jonathan Bloom PR

El Al Israel Airlines Ltd. (TASE: ELAL) has announced that its CEO, Eliezer Shkedy, is resigning from his position. The resignation, effective as soon a replacement is found and installed. No replacement has yet been named . 

In a letter to El Al employees Shkedi wrote: “I am finishing my position with pride and a sense of great satisfaction, ” saying his position is one of the most challenging positions in the Israeli economy. Shkedi did not specifying any particular reason for his resignation after four years in the job.

According to the company announcement, Shkedy’s decision to leave his post does not involve any circumstances that need to be reported to shareholders.

El Al’s Chairman of the Board Amikam Cohen said “The board regretfully accepted Shkedi’s announcement on his decision to end his role and added that Shkedi’s special personality, management and contributions to the El Al company deserved special appreciation, and were expressed in every work area in a very complex and challenging company, ” .

Just four days ago El Al launched a low-cost carrier “Up” as a result of the Open Skies Agreement and to compete with the increasing numbers of cheap flights coming in from Europe .

Shkedy’s reported salary since Jenuary 2010 totals NIS 21.5 million ($5.97 million) , mainly because of an exceptional salary cost of NIS 16.7 million ($4.6 million) in 2010. That year, Shkedy donated NIS 5.5 million ($1.5 million), half of his bonus, to a fund for outstanding company employees. Shkedy’s salary for 2013 is not yet known, and will be reported in the annual financial statements.

El Al has lost $17.4 million, and its share price has declined by 38%, since Shkedy was appointed, but in 2013 the company made a profit of $29 million. 

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