December 28, 2017 / 9:57 AM / 22 days ago

Israel Aerospace Industries CEO Weiss to step down

TEL AVIV (Reuters) - Israel Aerospace Industries (IAI) said on Thursday its chief executive officer, Joseph Weiss, will step down after six years in the job as he approaches retirement age.

Weiss will leave after a replacement is chosen and at the end of a suitable transition period, the state-owned defence firm said. A committee will be formed to choose a new CEO.

Weiss joined IAI in 1998 following 27 years of service in the Israeli navy and previously managed the group’s largest division - Systems, Missiles & Space.

Under his leadership IAI, which helped pioneer the development of military drones and also produces satellites, missiles and radar systems, grew its backlog of orders to a record $11 billion.

In April, IAI struck a deal worth almost $2 billion to supply India’s army and navy with missile defence systems. A month later it won an additional $630 million contract to supply air and defence missile systems for four Indian navy ships.

Reporting by Tova Cohen; Editing by Elaine Hardcastle

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