Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) president and CEO Joseph Ackerman has announced his retirement from the company, and the board has appointed EVP Bezhalel Machlis as his successor. The retirement will come into effect on April 1, 2013, to allow for an orderly succession process. Ackerman will serve as vice chairman, following his retirement, subject to approval by the company's shareholders.
Ackerman (63) joined Elbit Systems in 1982 and has served as president and CEO for the past 16 years. Under his leadership, the company has become Israel's largest defense company and a leader in the global defense and aerospace industry.
Machlis (49) joined Elbit Systems in 1991, including as general manager of the Elbit Systems Land and C4I Division for the past eight years.
Elbit Systems chairman Michael Federmann said, "Under his leadership, the company has increased its revenues tenfold and has grown from a primarily local company to a globally recognized leader in the defense market."
Elbit Systems' share price fell 0.6% in morning trading on the TASE today to NIS 127.80, after closing at $32.81 on Nasdaq on Friday, giving a market cap of $1.3 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2012
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