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.