El Al chairman eyes massive payday as airline stock soars to record highs

El Al’s chairman Amikam Ben-Zvi could receive an annual compensation package of about 7 million shekels, with his role set to move from 90% to full-time under a proposed terms package. The package includes a monthly salary of 157,000 shekels and related annual costs and expenses totaling around 2.63 million shekels, plus an annual bonus and share-based compensation.

The company plans to seek shareholder approval at the annual general meeting for Ben-Zvi’s compensation, and for a three-year liability exemption and indemnification arrangement for both Ben-Zvi and El Al CEO Levy Halevy, whose pay will remain unchanged. The board also aims to appoint an independent director, Shalom Naaman, marking his first directorship at a publicly traded company.

El Al’s shares are at record highs, supported in part by ongoing security considerations and the return of several foreign carriers to Israel, which analysts say could boost consumer preference for an Israeli airline with Israeli pilots. The recent security incident aboard a flydubai flight is cited as reinforcing perceived advantages of El Al’s safety measures.

Market activity shows El Al’s stock has surged, with the share price rising about 43.3% over the past three months and the airline nearing a place in the TA-35 index. This momentum comes amid a broader context of security concerns and competitive dynamics in the Israeli aviation sector.

Rozenberg’s accumulation of El Al stock is described as highly lucrative, with his initial investment of 360 million shekels and subsequent 40 million shekels in 2023 yielding a stake of roughly 43% valued at around 4.5 billion shekels. The report notes the chairman’s close relationship with the controlling shareholder, Kenny Rozenberg.