El Al CEO Eliezer Shkedi announced that he would be stepping down, Army Radio reported Sunday. Shkedi's rather unexpected announcement followed a favorable performance report released by the company in November, noting record revenue of $57.9 million for El Al in the third quarter of 2013 -- a 55 percent increase from Q3 2012. The company has filed a notice of executive departure with the Tel Aviv Stock Exchange, but did not list the reason for Shkedi's decision. The notice said that the circumstances of Shkedi's departure from the company did not warrant issuing a shareholders' statement. Maj. Gen. (ret.) Shkedi, a former commander of the Israeli Air Force, has been serving as CEO of El Al since 2010. According to the financial daily Globes, he enjoyed wages amounting to 21.5 million shekels ($6.1 million) across the past four years. In 2010, his wages, which included retroactive payment for some of 2009, amounted to NIS 16.7 million ($4.74 million). That year he contributed half of his signing bonus -- NIS 5.5 million ($1.56 million) -- to the El Al employee excellence fund. In 2011 he earned NIS 2.8 million ($795,000) and in 2012 he earned NIS 2 million ($568,000). During these three years, El Al noted an accumulative loss of NIS 17.4 million ($4.94 million). El Al has yet to make the figures of Shkedi's wages in 2013 public. El Al's share dipped by 38 percent during Shkedi's term in office, Globes reported. In a letter to the air carrier's board of directors, Shkedi wrote: "I wish to inform you that I have decided to end my term as CEO of El Al after four years in office. These have been four intense years in one of the most challenging positions in Israel. "During these years, I have had the privilege to head a unique company that has a special significance to Israelis, Jews and those who love Israel the world over. "I greatly appreciate the support each and every one of you have given me and the company, which has allowed us to note impressive achievements in all of our various pursuits. Some of these achievements are already coming to fruition and others will continue to manifest in the coming years," he wrote. "I'm ending my term in office with a great sense of pride and satisfaction and I would like to thank everyone who works at El Al, in Israel and the world over, for the professional, responsible and dedicated manner in which they perform their duties every day. "I have great faith in the company, its personnel and its potential. I will continue to lead El Al pending the nomination of a new CEO," Shkedi concluded. Amikam Cohen, who serves as chairman of the El Al Board of Directors, said in a statement: "The El Al Board of Directors has accepted, with regret, Eliezer Shkedi's decision to step down. ... His unique character, his leadership and his personal contribution to the company's growth manifested in every area."
According to the financial daily Calcalist, Shkedi's contract with El Al had no time limit and stated that his retirement package includes a one-year's adjustment period with full wages and benefits.
El Al chief unexpectedly steps down
Eliezer Shkedi, who has been heading Israel's national air carrier for four years, gives no reason for departure • Shkedi to remain in office pending replacement's nomination • "I have great faith in the company, its personnel and its potential," he says.
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