El Al Seeks to Increase Chairman's Annual Compensation to $7 Million
Translated & summarized from Globes by baba
El Al Israel Airlines is seeking shareholder approval to increase Chairman Amikam Ben Zvi's annual compensation to approximately NIS 7 million, up from NIS 5.9 million in 2025. The proposed changes include expanding his role to full-time and adjusting his salary, bonus, and stock-based compensation. The airline cites increased responsibilities and Ben Zvi's experience as reasons for the raise. The shareholder meeting to vote on the matter is scheduled for November 26.
The story in 5 lines · by baba
- El Al proposes increasing Chairman Amikam Ben Zvi's annual pay to approximately NIS 7 million.
- The changes include expanding Ben Zvi's role from 90% to a full-time position.
- His monthly salary would rise to NIS 157,000, indexed to inflation.
- The proposal will be voted on by shareholders on November 26.
- Ben Zvi's total compensation in 2025 was NIS 5.9 million for a 90% role.
El Al Israel Airlines, soon to be listed on the Tel Aviv 35 Index, is proposing a significant increase in the compensation package for its Chairman of the Board, Amikam Ben Zvi. The airline's shareholders will vote on the proposed changes at a meeting on November 26, approximately one year after his terms were last updated. The airline aims to expand Ben Zvi's role from 90% to a full-time position, which would raise his monthly salary to NIS 157,000, indexed to inflation.
El Al stated that the proposed changes reflect the growing demands on Ben Zvi's time and commitment, necessitating his full-time engagement. The company's audit and compensation committee, along with the board of directors, determined that the new terms consider his extensive experience and contributions to the company's long-term goals. They concluded that the compensation is appropriate for the role's requirements and aligns with the company's remuneration policy.
With a full-time role, Ben Zvi's annual cost to the employer is projected to be around NIS 2.6 million. Additionally, he is eligible for a bonus approaching NIS 2 million and stock-based compensation of approximately NIS 2.4 million, potentially bringing his total annual remuneration to about NIS 7 million. For comparison, in 2025, when he worked 90% of the time, his total compensation was NIS 5.9 million, including a NIS 2.5 million salary, a NIS 2.9 million bonus, and stock-based pay.
Ben Zvi, 76, was appointed chairman in 2021 when the Rosenberg family acquired control of El Al. He previously served as CEO for several government and public companies. The current CEO of El Al is Levi Halevi, who took office last year. The proposal notes that both Ben Zvi and Deputy Chairman Neil Rosenberg have a personal interest in the decision due to an agreement related to Kanfei Nesharim, the entity through which the Rosenberg family controls El Al.
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