Security Contractor Magal Appoints New CEO

Nasdaq-listed security contractor Magal Security Systems, Ltd. announced on Thursday the appointment of Dror Sharon to the role of CEO. Mr. Sharon is set to replace Saar Koursh, who has served as CEO since 2015.

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Mr. Koursh will remain in his position until the end of the month, when current general manager of Magal Israel, Yaniv Shachar, will assume the role of interim CEO. Mr. Sharon is set to begin in the role in June.

Mr. Sharon served as president and CEO at Controp Precision Technology Ltd., a privately owned developer and manufacturer of electro-optical and precision motion control systems for defense and homeland security applications. Prior to that, Mr. Sharon served as president and CEO of Opgal Optronics Ltd., a manufacturer of infrared thermal imaging cameras for the defense, security, industrial, and aviation markets.

Founded in 1969 as a department of Israel Aerospace Industries (IAI) and established as a private company in 1984, Magal develops and markets security and site management products as well as cybersecurity systems for use in airports, seaports, borders, military bases, and government facilities in over 80 countries.

Among Magal’s catalog of products are smart fences and sensor-fitted walls, and the company has been involved in the building of Israel’s security walls in the West Bank and on the Gaza border.

In February, Magal announced it acquired a 55% controlling interest in Israeli video surveillance company ECS BAZ Ltd., known as BAZ, for an undisclosed sum.

In December 2017, Magal announced it had signed a $13 million contract to provide security products as a subcontractor for Toyota Tsusho Corporation, a member of the Toyota Group.