NEW YORK - The board of directors of the Development Corporation for Israel (DCI) - widelyknown as State of Israel Bonds - has elected Chicago and national Jewish leader Howard Kaplanas chairman of the. executive committee.
In making the announcement, President and CEO Joshua Matza said, "Howard is a highly valued asset to our organization, and we are gratified that he has accepted this major leadershipposition. "
Kaplan accepted the chairmanship by noting, "After more than 40 years, my passion for Israel Bonds remains undiminished. I am honored by the board's confidence, and look forwardto securing increased sales and expanded support for Israel."
Kaplan, a member of the board who previously served as corporate treasurer, has been active with Israel Bonds for decades, serving as longtime Chicago chairman and helping to make the campaign one of the most successful in the country. He has also playing an instrumental rolein facilitating Israel bond investments from Illinois.
Other changes announced by Matza include the election of Richard Hirsch of New York as chairman of the board; Andrew Rubin of Philadelphia as national treasurer; and Alan Pines ofNew Jersey as chairman of the audit committee.
Development Corporation for IsraellState ofIsrael Bonds, which has been consistently praised by international ratings agencies Moody's, Standard & Poor's and Fitch, as well as the IMF, offers securities issued by the government ofIsrael in the United States. Since the inaugural Independence Issue was floated in 1951, more than $31 billion in Israel bonds have been sold worldwide. Israel has never defaulted and maintains a perfect record on payment of principal and interest on securities it has issued. Capital realized from the sale of bonds has been utilized to develop every facet of Israel's economy.