El Al chief David Maimon to step down after 4 years at helm

El Al Israel Airlines chief executive officer David Maimon resigned on Tuesday, after heading the nation’s flagship carrier for about four years.

Maimon, who has served El Al  for 12 years in various roles, did not say when he would step down. During his tenure as CEO he oversaw the airline’s acquisition of new aircraft — notably the procurement of 16 Boeing 787 Dreamliners — expanded the airline’s routes, cut costs and expanded its ground-services operations.

He will stay at his post until a new chief executive is chosen, Maimon said in a letter to the board, which was issued late Tuesday to the Tel Aviv Stock Exchange, where the shares of the airline are traded.

Maimon’s statement did not give a reason for his resignation, but TheMarker financial website said it was a combination of things, among them health reasons and friction with management and workers, including a labor dispute with El Al pilots.

During his tenure as CEO El Al’s share price rose more than 200%, but it has declined some 50 percent in the past 12 months as the airline has seen increased competition from low-cost carriers and higher fuel prices.

Two leading candidates to replace him are Uri Sirkis, the current CEO of Israir, Israel’s third largest airline after El Al and Arkia, and Amir Eshel, a former Israeli general who served as a commander of the Israeli Air Force, Calcalist financial website said.