Avigal Soreq is leaving his position as CEO of El Al after less than two years

When Avigal Soreq was appointed CEO of El Al in January 2021, he explained that as a Zionist, he felt the need to meet the challenge of rescuing the national airline and was even willing to absorb a dramatic drop in his salary compared to the salary he received as VP of US Delek. 14 months have passed since then and when he submitted his resignation today (Monday), other songs were heard from Whistler.
Sorek explained that in recent days he has received an offer to be appointed CEO of a US $ 1.5 billion-traded Delek Street company. To Delek US where he grew up and worked for 10 years, eventually reaching the position of the company's VP of operations.
Soreq, who received a salary from El Al at a cost of NIS 2.5 million in 2021, expressed his willingness to assist in the continued recovery of El Al during the transition period.
Sorek will replace Uzi Yemin, who currently serves as chairman, as CEO of the US company. Yemin has held the position since 2004 and received a total salary salary of $ 6.7 million in 2020. His salary included a salary of $ 1 million per year and a capital reward of $ 5.7 million. Between 2018 and 2020, he received a salary of $ 19 million.
Whistling is about to receive compensation for the difficult year he went through. During which he not only received a meager salary in American terms, but was also forced to experience a complex organizational culture. He faced a controversial corporate governance that included massive involvement of Chairman Amikam Ben-Zvi, and VP of Operations Omri Cohen, appointed on behalf of controlling shareholder Kenny Rosenberg, and became a dominant figure. Sorek's tenure was accompanied by rumors of tensions in his relationship with Ben-Zvi and of decisions made over his head by the controlling shareholder and Ben-Zvi.
The year 2022 could become a challenging year for God in view of the steep rise in the price of jet fuel and the fact that the company has hedged only 20% of its expected consumption for the current year. From now on Whistle will not be preoccupied with such issues nor will it have to deal with the need to deal with as complex an employment relationship as exists at El Al, which lost $ 413 million in 2021 and completed a cumulative loss of $ 944 million.
Sorek served in his position during the corona period in which El Al parted ways with 1,900 of its employees, received government assistance in the amount of $ 314 million and signed a non-binding memorandum of understanding with Arkia, which is controlled by the Nakash brothers (70%) for an allotment of 10% -14% of El About Arkia's shareholders. El Al will appoint a search committee to select the next CEO, but it seems that the candidates will include Dina Ben Tal, VP of Commerce and Aviation Relations, and Omri Cohen, VP of Operations. Coming and meet with the candidates for the position.