European satellite launch group Arianespace announced Stephane Israel as its new chairman and CEO to head the leading spacial company, the group said in a statement on Friday.

Arianespace confirmed that Israel, 42, will replace outgoing CEO Jean-Yves Le Gall, who had been heading Arianespace since 2001 and was nominated president of French space agency CNES (Centre National d'Etudes Spatiales) on April 3.

Hailing Israel's appointment, Gall believed that his successor's "broad experience make him perfectly qualified to meet the operational, commercial and financial challenges facing our company."

Israel's nomination came into effect on April 22, the space company confirmed.

Founded in 1980 as the world's first commercial satellite launch company, Arianespace has 21 shareholders including the French space agency CNES, Astrium and all European space companies, representing 10 European countries. Enditem

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