El Al CEO Romano to take 15% pay cut

In 2007, the cost of Romano's wages was NIS 10.6 million. Romano's decision was due to the global economic crisis
 
El Al Israel Airlines' parent company Knafaim announced last Thursday that El Al chief executive,  Haim Romano, had decided to give up 15% of his annual salary this year. It was his own idea, the company said, adding that provisioning for his social benefits will not be changing.
 
In 2007, the cost of Romano's wages was NIS 10.6 million. The announcement said that Romano's decision was due to the global economic crisis and that formal announcement had been given to the company's board of directors.
 
Romano's decision was made following similar decisions made by executives at other leading Israeli companies such as Zim integrated shipping services, Israel Chemicals, Bank Hapoalim, conglomerate IDB Development and real estate developer Africa Israel Investments.
 
Earlier last week El Al Israel Airlines Ltd. unveiled its new price list, which contains fare price reductions on tickets of regular tourist flights of between 7%-15% for short and medium distance destinations, and 14%-30% on longer flight destinations. The lower price tickets are a result of a 40%-65% reduction in the fuel surcharge.