Michael Federmann facts for kids

Michael Ilan Yoel "Mikey" Federmann (born September 9, 1943) is a very successful Israeli businessman. He leads two big companies: Elbit Systems, which makes advanced technology like drones, and the Dan Hotels group, which owns many luxury hotels. Under his leadership, Elbit Systems has grown a lot and become a major player in making drones and other military defense technology around the world.

Early Life and School

Mikey Federmann was born in Haifa, a city in Israel. His parents were Bella and Yekutiel "Ksil" Federmann. He went to the Hebrew University where he studied economics and political science. Later, he earned a master's degree in business. Before his business career, he served in the Israel Defense Forces' special unit called Sayeret Matkal.

Leading Big Businesses

Since 2002, Mr. Federmann has been the owner of Federmann Enterprises Ltd. This big company was started by his father and uncle. He is in charge of the two largest companies owned by Federmann Enterprises: Elbit Systems and Dan Hotels Corp.

Elbit Systems: Tech and Drones

Mr. Federmann joined Elbit Systems in 1998 when his company, El-Op, merged with it. This merger immediately doubled Elbit's size. Elbit Systems naturally benefited from the growing market for drones around the world. However, the company's huge growth (700% in ten years!) was also thanks to Mr. Federmann's leadership. He helped Elbit buy other companies globally, turning it into a huge international business worth billions of dollars.

Dan Hotels: Luxury Stays

Under Mr. Federmann's guidance, the Dan Hotels group has continued to expand. This growth is due to more tourism and business in Israel, as well as the chain adding new hotels. The first Dan Hotel started as a small guesthouse in Tel Aviv in 1947. Over the years, it grew into a national chain. Now, Dan Hotels has even expanded to India, with its first hotel in Bengaluru.

A famous hotel in the chain is the King David Hotel in Jerusalem. Since it opened in 1932, this hotel has hosted important leaders and diplomats from around the world when they visit Israel.

His Wealth

In 2010, a newspaper called Maariv said he was the 7th wealthiest person in Israel. His wealth was estimated at about $1.4 billion. Forbes magazine also listed him among the world's billionaires. As of November 2020, Forbes estimated his net worth to be $2.1 billion.

Awards and Honors

Mikey Federmann has received several important awards:

• In 1996, the Hebrew University of Jerusalem gave him an honorary doctorate degree.
• In 2005, he won the Israeli industry prize for electronics.
• In June 2014, he received an honorary CBE award from Queen Elizabeth II. This award was for his work in helping businesses cooperate between the UK and Israel.

Important Roles

Mr. Federmann holds several key positions:

• He is the Chairman of the Board for Elbit Systems.
• He is the Chairman of the Board for Dan Hotels.
• He is the Chairman of the Board of Trustees for the Hebrew University of Jerusalem.
• He is a Board member of the Weizmann Institute of Science.

Personal Life

Mikey Federmann is married to Leora Federmann. They have three children named David, Gidi, and Daniel. Daniel is married to Sharona Pick.