Itzhak Nissan
IAI CEO to leave office this year
Itzhak Nissan about to reach retirement age; despite desire to stay on, Israel Aerospace Industries' board of directors to appoint committee to nominate person who will lead company's privatization
Another senior executive in the Israeli economy is getting ready to leave office: Following the retirement of Galia Maor
from Bank Leumi, Shlomo Yanai
from Teva and Akiva Mozes
from Israel Chemicals, Calcalist has learned that Israel Aerospace Industries CEO Itzhak Nissan is scheduled to end his position in 2012.
Nissan's retirement in effect is expected only in the latter half of 2012. In the next few weeks, Chairman of the Board Dov Baharav will appoint a committee to nominate a candidate for the CEO position.
Nissan is about to reach retirement age and the IAI does not intend on extending his employee agreement, although Nissan has expressed his wish to remain on the job, according to sources within the IAI.
Working Together
Associated Press
Derivative of Airbus craft to use radar to monitor airspace, warn of approaching enemy aircraft
Among the challenges facing the next CEO is the privatization of the company and its preparation for an IPO on a foreign exchange or on TASE; hence the replacement will be required to have a suitable financial background.
Nissan's style of management is considered dominant and centralistic and he is also a highly esteemed salesman; however, in his tenure, IAI lost the bid for two prestigious defense industry tenders to Rafael (the Iron Dome and Magic Wand anti-missile defense systems).
Over the past year, Nissan's name was associated with several troublesome financial affairs: The Ministry of Finance's director of wages exposed salary irregularities in IAI, amounting to about NIS 1 billion ($260 million) a year over the past decade.
Nissan was summoned for questioning about his involvement in the approval of the company's legal advisor's salary, which exceeded the pay stipulated by law by 45%.
Another affair exposed by Calcalist last November involved Nissan himself and ended in the CEO paying nearly NIS 100,000 ($26,000) to the Tax Authority after misreporting his car expenses.
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