El Al Seeks to Raise Chairman's Annual Compensation to $7 Million
Translated & summarized from Calcalist by baba
El Al is proposing to increase its Chairman Amikam Ben Zvi's annual compensation to an estimated NIS 7 million and grant CEO Levi Halevi a release from liability. The airline also plans to appoint Shalom Naaman as an external director. These changes come as El Al prepares to join the TA-35 stock index on November 5, 2026, following a significant rise in its market value.
The story in 5 lines · by baba
- El Al proposes raising Chairman Amikam Ben Zvi's annual compensation cost to an estimated NIS 7 million.
- The airline seeks to grant CEO Levi Halevi a release from liability, a common practice for executives.
- Shalom Naaman, co-CEO of Mahsaney Hashuk, is slated for appointment as an external director.
- El Al will join Israel's TA-35 stock index on November 5, 2026, due to increased market value.
- The chairman's proposed compensation is an increase from approximately NIS 5.9 million in 2025.
El Al, the Israeli national airline controlled by businessman Kenny Rosenberg, is proposing significant changes to its executive compensation and board structure, to be voted on at an upcoming shareholders' meeting on November 26. The company seeks to increase the employment scope of its Chairman of the Board, Amikam Ben Zvi, from 90% to 100% and raise his gross monthly salary to NIS 157,000. This would bring his total annual compensation cost to the company to an estimated NIS 7 million, including approximately NIS 2.6 million for salary and benefits, NIS 1.9 million in bonuses, and NIS 2.4 million in stock-based compensation. El Al justifies the expanded role by Ben Zvi's increased responsibilities, including his chairmanship of El Al Travel, which consolidates the group's tourism and leisure activities. Ben Zvi will not receive additional compensation for his director roles within other group companies.
This proposed increase follows previous adjustments to Ben Zvi's terms, including salary and equity compensation updates approved in December 2025 and a special bonus in January of the same year. His compensation cost in 2025 was approximately NIS 5.9 million, compared to the projected NIS 7 million under the new terms. The 2025 compensation included about NIS 2.5 million in salary, NIS 2.9 million in bonuses, and the remainder in stock-based remuneration.
Additionally, El Al is seeking approval for a letter of release from liability for CEO Levi Halevi, who was appointed in September 2025 and assumed his role in January 2026. The company states this is a standard practice for public companies to protect executives acting in good faith. No other changes to Halevi's employment terms are proposed.
The agenda also includes the appointment of Shalom Naaman as an external director for an initial three-year term. Naaman, a businessman and retailer, is a co-founder and co-CEO of the supermarket chain Mahsaney Hashuk. If approved, he will be entitled to annual remuneration, meeting attendance fees, and standard company insurance and release agreements.
These proposals coincide with El Al's upcoming inclusion in the TA-35 index, Israel's flagship stock market index, due to its increased market capitalization. The airline secured its spot after achieving an average market value of NIS 11 billion during the measurement period, partly attributed to a surge in its stock price following an attempted hijacking of a Flydubai plane. This marks El Al's first entry into the TA-35 index, having joined the TA-90 and TA-125 indices in 2024. The index composition changes will take effect on November 5, 2026, requiring index-tracking ETFs to purchase El Al shares.
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