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Palestine Economic Corporation Names New Head for Israel Operations

July 15, 1958
See Original Daily Bulletin From This Date

The Palestine Economic Corporation today announced the appointment of John Furman, prominent Tel Aviv business executive and banker, as the Corporation’s executive vice-president in charge of operations in Israel.

In his new capacity, Mr. Furman will be operational chief of a company with capital and surplus of more than $13,000,000, representing investment in almost every sector of Israel’s economy. He will direct the Corporation’s subsidiary companies, including real estate, banking, housing and export interests, and represent PEC in the management of its affiliates, among them some of the largest industrial enterprises in Israel.

Born in London in 1915, Mr. Furman was educated at Tottenham Grammar School and the London School of Economics. After notable service during World War II in the British Army, which he entered as a volunteer private and left as a lieutenant-colonel with decorations including the Military Cross, he became senior executive of a large investment trust in London. In 1948 Mr. Furman emigrated to Israel to serve with the Israeli Army during the War of Liberation, and rose to the rank of Rav-Seren (Major) in the Intelligence Corps. Following the 1949 armistice, he began a distinguished career in Israel, which has included the posts of comptroller general and secretary of the Zim Israel Navigation Co., and of deputy director and manager of the Israel-American Industrial Bank.

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