Israel's El Al airlines CEO Shkedy to step down

The chief executive officer of El Al Israel Airlines (ELAL.TA), Elyezer Shkedy, tendered his resignation on Sunday and will step down after his successor is in place, the company said in a statement. El Al quoted Shkedy as saying he felt "pride and tremendous satisfaction" about his role at the airline, but regretted failing to put together a new collective labor agreement for staff. "El Al must reduce spending for the sake of a better future for its personnel and passengers, if it wishes to continue to grow and compete in the field of aviation, which is variable and challenging," Shkedy said in the statement. The FIMI fund, Israel's largest private investment fund, had agreed in April to inject up to $75 million in El Al but the deal was contingent on El Al reaching a new collective labor agreement aimed at allowing the carrier to deal with an increasingly competitive environment.

by via Yahoo! Finance: Top Stories