Chairman of Israeli airline El Al steps down after bailout

David Brodet will step down as chairman of cash-strapped El Al Israel Airlines (ELAL.TA) at the end of May after seven months in the job, he said on Sunday, having waited until the Israeli flag carrier received a government bailout package. The Israeli government this month approved a $210m bailout package for El Al on condition of steep spending cuts and a cash injection from the airline's owners. "During my tenure as chairman, I worked ... to get the company what it needed, to overcome the great crisis El Al has gone through since it was founded," Brodet wrote in a letter to directors, saying he led the negotiations with the Finance Ministry. A new chairman has yet to be named.<br/>