Israel (Izzy) Borovich resigned from El Al board

Borovich resigned after an ISA report on millions in unlawful bonuses paid to former CEO Haim Romano. Romano received US$4.7 more in bonuses than he should have
 
Prof. Israel (Izzy) Borovich, a major El Al shareholderand former Chairman of the Board, El Al Israel Airlines Ltd; resigned last week from El Al's board of directors following severe criticism by the Israel Securities Authority over the exorbitant bonuses granted to former CEO Haim Romano.
 
Romano bonus mechanism was based on the airline's net profit. However, a few months after joining the company, Romano's mechanism was changed to base the bonus on the earnings before interest, taxes, depreciation and amortization (EBITDA), without the board's approval.
 
The revised mechanism resulted in Romano receiving bonuses even in years when El Al posted net losses. The Securities Authority investigation found that, as a result of the EBITDA-based mechanism, Romano received US$4.7 more in bonuses than he should have - he received US$5.5 million bonuses, instead of $800,000 in 2005-09.
 
The Securities Authority findings are summarized in a report, which details its demands of El Al, Romano, and Borovich. El Al will be fined NIS 1.5 million.