Mr. Ciechanover has extensive experience managing companies in Israel and the US investing in Israel related companies. In addition to his activities at the Challenge Funds, Mr. Ciechanover served, until February 2001, as Chairman of the Board of El Al Israel Airlines. He previously served as President of PEC Israel Economic Corporation (Formerly NYSE: "IEC", later merged into I.D.B. Holdings). PEC was among the early investors and founders of many leading Israeli technology companies, among them: Cellcom, Tevel, Scitex and Elron. Mr. Ciechanover served as Chairman of the Board of Israel Discount Bank, Israel's third largest commercial bank, and was a member of the Bank of Israel Advisory Committee. He served on the Board of Directors of the Bank of Israel for four terms. Additionally he has served in several government posts in Israel and abroad, including Director General of Israel's Ministry of Foreign Affairs, Head of Israel's Defense Mission to the United State and Canada, and General Counsel to the Israel Ministry of Defense and Ministry of Agriculture.

Mr. Ciechanover holds a Ph.D. in Philosophy from Boston University, L.L.M. from the University of California at Berkeley, a Magister Juris degree from the Hebrew University of Jerusalem and is a member of the New York and Israeli Bar Associations.