As he approaches six years as President and CEO of Israel Aerospace Industries (IAI) and retirement age, and following a long series of managerial positions held at IAI during more than 20 years, Joseph Weiss has informed the Company's board of directors of his decision to step down from his position after a new CEO is identified and an orderly succession process has taken place.

Weiss was named President and CEO of IAI, Israel's largest Aerospace Corporation in 2012. During his tenure, he has led the company to many accomplishments, primarily increase in the number of new contracts signed across the globe to unprecedented record of $5.5 billion in contracts in the past year and all-time record order backlog of over $11 billion.

Mr. Weiss thanked the past and present chairmen and members of the board for trusting him to guide IAI to significant business expansion, opening of new markets and aligning huge global contracts in face of fierce competition with multinational giants and for taking it to unusual technological heights. During Mr. Weiss' term, IAI has also become Israel's largest high tech corporation. These accomplishments come in addition to implementing a far reaching growth plan that includes streamlining, payroll reductions and refining the business focus.

"I end my term as the CEO of Israel's largest defense company, which is also the country's largest high tech company, in a year which is one of the most successful and turbulent in its history. 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. I am proud to leave behind me robust technological and business infrastructure and corporate culture aligned with the evolving competitive climate. This infrastructure comprises our greatest asset: human capital of employees and executives. It is with great pride and satisfaction that I hand over the helm to the next generation of talented managers. I am confident they will take IAI even farther, preserve and grow its huge contribution to Israel's security and economy," said Weiss.

A search committee will be established within the next few weeks to select a new CEO for IAI. Mr. Weiss has agreed with the chairman of the board, Harel Locker, that he will remain at the helm until a new CEO is appointed, and as long as necessary to ensure smooth transition in all aspects of the Company's multiple and diversified operations.

Harel Locker, IAI's chairman said, "Reaching retirement age is a major milestone in everyone's life, and even more so when you assume responsibility of the scope Joseph Weiss had. On behalf of the board of directors and all the company, I would like to thank Joseph for six very significant years as President and CEO of Israel's leading defense and technological company, and for 20 years of outstanding career at IAI. He has skillfully navigated the complex operations of IAI in face of huge challenges. IAI's accomplishments under Weiss's leadership are impressive by any standard and its massive contribution to Israel's security and economy has grown significantly. We will continue to walk the road outlined by Weiss so as to secure the Company's foothold in the global markets and its continued growth".