From fashion to aviation: Yitzhak (Itzik) Eliav has been appointed CFO of EL AL. Eliav (45) served as the CFO of Fox and the fabric company Avgol. Eliav will replace Deganit Felti, who has served as El Al’s CFO for the past six years.
At the end of January, CEO El Gonen Ussishkin is also expected to leave El Al, and he will be replaced by Avigal Soreq, who will come to El Al from the US fuel company.
In a statement issued by El Al, Soreq is even quoted as the incoming CEO, saying that “Itzik reaches a challenging position in one of the most complex periods for the Israeli economy and El Al. I have no doubt that his vast experience and proven abilities will help him succeed in the task before him – tight financial management and creating a stable and secure financial horizon for El Al. “
Indeed, one of the major challenges for those who will have confidence in the company’s finances is to complete the task of raising EL AL’s debt, which has so far failed to find a financing body. It will be recalled that in September, El Al raised $ 150 million through a share issue. The offering also led to the replacement of the controlling shareholders of El Al, which was taken over by Eli Rosenberg (26) through the Eagles Wings Company. Recently, the company transferred about $ 10 million as part of an owner loan.
The issue was the first tier in the framework of the state’s assistance to El Al, when the state also participated in the issue and purchased shares in the amount of NIS 116 million. The state currently holds about 14.3% of El Al’s shares. In the second part of the assistance, EL AL is supposed to take out a state-guaranteed loan: this has grown from 75% to 82.5%, but so far EL AL has not completed the process.
EL AL recently announced the extension of the HALA to approximately 4,800 of its employees until January 31, 211. EL AL’s management has signed collective agreements with its four sectors of employees, these agreements include streamlining and cuts of about a third of the company’s employees – but until El Al does not complete Debt collection – the agreements will not be able to be implemented.