EL AL CEO Elyezer Shkedy and Chairman of the Board Amikam Cohen to Waive 20% of Their Salaries
Members of the Board of Directors to Forgo 20% of their Remuneration
The Airline’s Vice Presidents to Waive 10% of Their Salaries and Company Division Heads Relinquish 7.5% - 10% of Their Salaries
The Cutback Is Effective from December’s Salaries and through 2012
Due to the world economic crisis and the difficult situation facing the aviation industry, and as part of the stringency measures for 2012, the EL AL Board of Directors (apart from outside Directors) has decided to forgo 20% of their remuneration.
The CEO and Chairman of the Board have decided to waive 20% of their salaries.
Likewise, airline Vice Presidents gave up 10% of their salaries and Division Heads relinquished 7.5% - 10% of their salaries, beginning in December 2011 and throughout 2012.
EL AL CEO Elyezer Shkedy : “The way the members of the Board of Directors, Vice Presidents and Heads of EL AL Divisions have agreed to set a personal example of commitment for dealing with the challenges facing us is very impressive. I hope that this will mark the beginning of a process that will ultimately strengthen EL AL and its future.”