Michael Federmann
Mikey Federmann | |
|---|---|
| Born | September 9, 1943 Haifa, Israel |
| Occupation | Businessman |
| Known for | Chairman of Elbit Systems and Dan Hotels |
Michael Ilan Yoel "Mikey" Federmann (; born 9 September 1943) is an Israeli billionaire and prominent drone manufacturer, serving as the head of both Elbit Systems and the Dan Hotels group. Through his guidance, Elbit Systems experienced substantial growth, emerging as a leading global competitor in the Unmanned Aerial Vehicle sector and various military defense technologies.
Early life and education
Federmann was born in Haifa to parents Bella and Yekutiel "Ksil" Federmann. He completed a bachelor's degree in economics and political science, followed by an MBA at the Hebrew University of Jerusalem. During his military service, he was part of the elite Israel Defense Forces unit Sayeret Matkal, where he served alongside Ehud Barak.
Business
Since 2002, Federmann has been the proprietor of Federmann Enterprises Ltd, an Israeli conglomerate originally established by his late father and uncle, with his cousin Ami Federmann also holding ownership shares. He presides as chairman over the boards of its two principal publicly listed companies: the defense electronics manufacturer Elbit Systems and the luxury hotel chain operator Dan Hotels Corp.
Elbit
In 1998, Federmann joined Elbit following a merger between Elbit and his company El-Op, effectively doubling Elbit’s size. Capitalizing on the expanding global UAV market, Elbit grew by approximately 700% over the subsequent decade. This rapid growth was largely driven by Federmann and CEO David Ackerman’s assertive international acquisition strategy, transforming Elbit into a multibillion-dollar multinational defense corporation.
Dan Hotels
Under Federmann’s stewardship, Dan Hotels has steadily expanded, supported by increasing tourism and business travel within Israel as well as overseas ventures. Initially acquired by his family in 1947 as a boarding house in Tel Aviv, the hotel group now operates properties internationally, including The Den Bengaluru located in India’s Silicon Valley. The portfolio also features the renowned King David Hotel in Jerusalem, widely recognized for hosting dignitaries and official state visitors.
Wealth
In 2010, Maariv newspaper ranked him as Israel’s seventh wealthiest individual with an estimated fortune of 6.5 billion Shekel (around $1.4 billion). That same year, he appeared at No. 721 on the Forbes List of billionaires, slipping to No. 879 in 2011 and falling out of the top 1000 by 2012. By November 2020, Forbes assessed his net worth at $2.1 billion.
Honours
- Received an honorary doctorate from the Hebrew University of Jerusalem in 1996.
- Awarded the Israeli industry prize for electronics in 2005.
- Granted an honorary CBE in Queen Elizabeth II's 2014 Birthday Honours for contributions to UK-Israel business relations and UK economic prosperity.
Senior positions
- Chairman of the Board at Elbit Systems.
- Chairman of the Board at Dan Hotels.
- Chairman of the Board of Trustees at Hebrew University of Jerusalem.
- Member of the Board at Weizmann Institute of Science.
Personal life
Federmann is married to Leora, with whom he has three children: David, Gidi, and Daniel. Daniel is married to Sharona Pick, daughter of Svika Pick and sister-in-law to filmmaker Quentin Tarantino.