Eli Glickman’s era at the helm of Zim is coming to an end. In a statement to the New York Stock Exchange, the long-serving CEO has announced his departure from the world’s tenth-largest shipping company. Glickman will remain for the next six months to ensure a smooth transition, but his resignation comes at the most delicate moment in the Israeli carrier’s history: the major handover to the German giants Hapag-Lloyd.
Behind Glickman’s departure lies a story that combines personal ambition with market dynamics. Before Hapag-Lloyd put $4.2 billion (around $35 per share) on the table to acquire the company, Glickman himself had attempted the ‘big move’: together with shipowner Rami Ungar, he had presented a bid to take over ZIM:
However, the board of directors rejected his proposal twice, deeming it too low (around $20 per share) compared to the company’s true value. The board opted for the German offer, which was significantly more generous, likely triggering the inevitable departure of the CEO who had attempted to become the owner.
Translation by Giles Foster
