December 28, 2017 / 10:01 AM / 2 years ago

Israel Aerospace Industries CEO Weiss to step down

FILE PHOTO: The logo of state-owned Israel Aerospace Industries (IAI) is seen at their offices next to Israel's Ben Gurion International airport, near Or Yehuda, Israel February 27, 2017. REUTERS/Baz Ratner/File Photo

TEL AVIV (Reuters) - Israel Aerospace Industries [ISAI.UL] (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 defense 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 defense systems. A month later it won an additional $630 million contract to supply air and defense missile systems for four Indian navy ships.

Reporting by Tova Cohen; Editing by Elaine Hardcastle

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