Israel Aerospace Industries CEO to Retire at the End of a Record Year

Joseph Weiss, president and CEO of Israeli defense contractor Israel Aerospace Industries Ltd. (IAI), announced his retirement Thursday after serving in the role since 2012. Founded in 1953 and owned by the Israeli government, IAI is Israel’s largest aerospace and defense company. The company develops and manufactures advanced systems for air, space, sea, land, cyber and homeland security. IAI develops products such as satellites, jets, missiles, weapon systems, and unmanned and robotic systems for government and commercial customers worldwide.

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Mr. Weiss’ announcement comes at the end of a record year for IAI, which signed contracts valued at $5.5 billion in 2017, in addition to having an order backlog valued at over $11 billion, which the company said is an all-time record.

According to a reports on the global weapons industry published earlier this month by the Stockholm International Peace Research Institute, the IAI had $2.6 billion in sales in 2016, placing it 31st on the list of the world’s 50 largest manufacturers of weapon systems.

Mr. Weiss is retiring having arrived at the legal retirement age, and after two decades working at IAI, more than five of which at the role of president and CEO. Before joining IAI, Mr. Weiss served 27 years in the Israeli Navy.

In a statement, IAI said it will establish a committee within the next few weeks to select a new CEO.

"I end my term as the CEO of Israel's largest defense company, which is also the country's largest tech company, in a year which is one of the most successful and turbulent in its history,” Mr. Weiss said in a statement. “The achievements of the past year allow IAI to start the coming decade well prepared for global competition and highly esteemed as an innovative and leading technology company.”