EL AL CEO Elyezer Shkedy today announced that he is personally transferring to EL AL's Fund for “Excellence and People” 50% of the bonus for 2010 to which he is entitled by contract (approximately NIS 5.7 million, gross)
This amount will be added to the NIS 2 million in the fund that was agreed upon when Shkedy joined EL AL.
An announcement to this effect was published in a report to the Securities and Exchange Commission and in an internal letter Shkedy sent today to the EL AL family.
Under Shkedy’s leadership, EL AL achieved positive results for the airline following two years of losses, in 2008 – 2009, before he assumed his position.
This year, under his leadership, the airline posted a net profit of approximately $57.1 million (about NIS 205 million) for 2010.
About the Fund for Excellence and People
The fund is intended to promote and develop excellence among EL AL people in general and those who excel on a personal level in all professional areas of the airline, in Israel and worldwide, on the land and in the air, both temporary and permanent employees who are not in management positions. The criteria and the selection will be fair and professional, with an emphasis on excellence over time, special excellence, excellence in dealing with EL AL customers, proposals for efficiency, increasing the contribution to the company through significant savings, creating sources of revenue and good results.