The new CEO of Aeronautics Ltd. is Shahar Kravitz, who is currently CEO of Aeronautics' subsidiary, Commtact. Kravitz was chosen by a search committee under the direction of the company's board of directors when CEO and founder Avi Leumi announced his resignation. Leumi will become Aeronautics' full-time president. Kravitz (38) has been working at the company for 12 years, in a variety of capacities, including as deputy CEO.
Leumi founded Aeronautics in 1998. Its shareholders also include 888 Holding plc (LSE:888) shareholder Avi Shaked, who invested in the company in 2007; Viola Private Equity, KCPS and Company, Bereshit debt recycling fund, and Poalim Capital Markets - Investment Bank Ltd.. In September 2011, Aeronautics raised $35 million in a convertible loan from the KCPS and Bereshit at a company value of $300 million, after money.
Aeronautics, which employs 750 people - most of them in its Yavne office, develops, manufactures, and markets unmanned aerial vehicles (UAV) for military and civilian authorities worldwide. The company is the fifth largest defense company in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2012
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