Elbit Systems President and Chief Executive Officer Joseph Ackerman will retire in April after 16 years on the job, the company said on Monday. Ackerman, 63, will be replaced by Bezhalel Machlis, currently Elbit's executive vice president. Under Ackerman's tenure, Elbit became one of Israel's largest defence firms. Ackerman will continue to serve as president and CEO until April 1, 2013. The company said that after his retirement, the board of directors would recommend that he be retained as vice chairman. "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 Chairman Michael Federmann said in a statement. "Time and again he has guided the company into successful new areas in a very complex business environment." Machlis, 49, joined Elbit in 1991 and has led its land and C4I division for the past eight years. Elbit is Israel's largest publicly traded defence firm. It specializes in electronics, intelligence technology such as unmanned aerial vehicles, command and control and training systems, and is also targeting cyber warfare as a growth engine. Elbit will report second-quarter earnings later this week. It posted revenue of $691 million in the first three months of the year, and its revenue backlog was $5.45 billion.
Elbit Systems' CEO Ackerman to retire next year
Elbit is Israel's largest publicly traded defence firm. It specializes in electronics, intelligence technology such as unmanned aerial vehicles, command and control and training systems, and is also targeting cyber warfare as a growth engine.
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