HAIFA, Israel, August 13, 2012 /PRNewswire/ --
Elbit Systems Ltd. (NASDAQ and TASE: ESLT ("Elbit
Systems" or the "Company"), announced today that the Company's
Board of Directors accepted the request of Joseph Ackerman, the Company's President and
CEO, to retire from his position in the coming months and the
Board confirmed the appointment of Bezhalel (Butzi) Machlis as his
successor. The retirement and new appointment will become effective
on April 1, 2013, and until that time
Ackerman will continue to serve as the Company's President and CEO,
leading a gradual succession process. The Company's Board of
Directors intends to recommend to the Company's shareholders, that
following his retirement as President and CEO, Ackerman be
appointed to the Company's Board of Directors as Vice Chairman.
Ackerman (63), began his career at the Company in 1982, and has
served in various managerial positions at Elbit Systems, including
the last 16 years as the Company's President and CEO. Under his
leadership, the Company has become Israel's largest defense company and one of
the leaders in the worldwide defense and aerospace industry.
Bezhalel (Butzi) Machlis (49), currently an Executive Vice
President of Elbit Systems, joined the Company in 1991. He has
served in several managerial positions relating to Elbit Systems'
land and C4I activities, and for the last eight years has led the
Elbit Systems Land and C4I Division as its General Manager. During
his tenure, Elbit Systems' land and C4I operations have grown
significantly and recorded numerous achievements both in
Israel and abroad.
Michael
Federmann, Chairman of Elbit Systems' Board of Directors
stated: "Over the better part of two decades, during which he has
led the Company as its President and CEO, Joseph (Yossi) Ackerman has made an
extraordinary contribution to the Company's success. 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. This has been accomplished in
no small part because of Yossi's strategic vision, leadership
qualities and business savvy. Time and again he has guided
the Company into successful new areas in a very complex business
environment. On behalf of the Board and the entire Company, I would
like to express our deep appreciation for Yossi's remarkable
contribution. It is the Board's intention to recommend to our
shareholders that following completion of his duties as President,
Yossi will be elected as Vice Chairman of the Board, and therefore
the Company will continue to benefit from his experience and wisdom
in the years to come."
Federmann added. "I am also very
pleased that the Board has approved the appointment of Bezhalel
(Butzi) Machlis to be Yossi's successor as the next President and
CEO of Elbit Systems. Butzi is an internationally respected
leader with more than two decades of management experience at Elbit
Systems. I am confident that Butzi will be successful in continuing
Yossi Ackerman's legacy and in
leading the Company to new achievements."
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics
company engaged in a wide range of programs throughout the world.
The Company, which includes Elbit Systems and its subsidiaries,
operates in the areas of aerospace, land and naval systems,
command, control, communications, computers, intelligence
surveillance and reconnaissance ("C4ISR"), unmanned aircraft
systems ("UAS"), advanced electro-optics, electro-optic space
systems, EW suites, airborne warning systems, ELINT systems, data
links and military communications systems and radios.-The Company
also focuses on the upgrading of existing military platforms,
developing new technologies for defense, homeland security and
commercial aviation applications and providing a range of support
services.
For additional information, visit:
http://www.elbitsystems.com.
This press release contains forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended) regarding Elbit Systems Ltd. and/or its subsidiaries
(collectively the Company), to the extent such statements do not
relate to historical or current fact. Forward Looking
Statements are based on management's expectations, estimates,
projections and assumptions. Forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results, performance and trends may
differ materially from these forward-looking statements due to a
variety of factors, including, without limitation: scope and length
of customer contracts; governmental regulations and approvals;
changes in governmental budgeting priorities; general market,
political and economic conditions in the countries in which the
Company operates or sells, including Israel and the
United States among others; differences in anticipated and
actual program performance, including the ability to perform under
long-term fixed-price contracts; and the outcome of legal and/or
regulatory proceedings. The factors listed above are not
all-inclusive, and further information is contained in Elbit
Systems Ltd.'s latest annual report on Form 20-F, which is on file
with the U.S. Securities and Exchange Commission. All
forward-looking statements speak only as of the date of this
release. The Company does not undertake to update its
forward-looking statements.
Contacts:
Company Contact:
Joseph Gaspar, Executive VP
& CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
Dalia Rosen, VP, Head of
Corporate Communications
Tel: +972-4-8316784
dalia.rosen@elbitsystems.com
Elbit Systems Ltd.
IR Contact:
Ehud Helft
Kenny Green
CCG Investor Relations
Tel: 1-646-201-9246
elbitsystems@ccgisrael.com
SOURCE Elbit Systems Ltd