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In an official announcement released by the management of El Al it was reported that the management and Romano reached an agreement to end his term as Chief Executive Officer, however his contract ensures that he will continue to receive a salary for 18 months as in the case of dismissal.

Haim Romano will finish his term of office at El Al after 5 years. The identity of his successor is yet to be decided.  Based on the terms of his contract Romano will continue to receive a salary for the next 18 months, this compares to the regular 6 months’ salary that would normally be paid in the case of a voluntary resignation.

An announcement released by the board of directors thanked Romano for his extremely valuable contribution during his 5 year term as CEO, in helping the company’s development and commended him for his untiring efforts in dealing with all of the challenges that he faced as CEO.

Romano took up his position in March 2005 and under his management started to implement the El Al 2010 strategic plan which aimed at increasing sales and profitability by way of fleet renewal and the upgrading of the flight experience, especially for the business and first class passengers.

Following the announcement on the completion of his term of office as CEO, the El Al workers committee wished Romano success. “Haim Romano is a professional and talented individual who worked for the benefit of the company; there were many disputes between us during his term, disputes that remain at the professional level. I have great respect for Haim Romano as a person and as a professional,” wrote Yossi Levy, chairman of the El Al workers committee.

During his term, Romano acquired 295,000 El Al shares worth 268,000 shekels providing him with 0.06 percent of the company. During the last year Romano announced a personal pay cut of 20 percent as a result of the company losses due to the world economic recession. Romano’s salary in 2008 totaled 4.9 million shekels.