Zim CEO Eli Glickman to step down months after $4.2 billion sale
Resignation follows Hapag-Lloyd acquisition agreement and delisting plan from the NYSE.
Eli Glickman, CEO of the Israeli shipping company Zim, has announced his retirement from the position he has held for the past nine years. Glickman will remain in the role for the next six months before stepping down.
His resignation comes two months after the signing of a deal in which German shipping giant Hapag-Lloyd will acquire 100% of Zim’s shares for $4.2 billion and delist the company from the New York Stock Exchange. As part of the transaction, Hapag-Lloyd will sell Zim’s Israeli operations to the Israeli FIMI fund, led by Ishay Davidi, in order to comply with the conditions of Israel’s “golden share,” which is designed to ensure the continuity of maritime transport to the country during emergencies.
Glickman himself had attempted to lead a group to acquire Zim, but the bid was rejected, after which a formal tender process was launched and ultimately won by Hapag-Lloyd.
Last month, Glickman sold nearly all of his shares in Zim for approximately $40 million, at a price about 20% lower than the offer price set by Hapag-Lloyd. Zim went public on the New York Stock Exchange in 2021 at a valuation of $1.5 billion pre-money and $1.7 billion post-money. Its current market value stands at around $3.2 billion, roughly $1 billion below the acquisition price.
