After failed bid for Zim, CEO Eli Glickman heads for the exit

Long-time Zim chief executive Eli Glickman announced today that he would be stepping away from the Israeli carrier after its board promoted Hapag-Lloyd’s $4.2bn offer earlier this year over his own effort to acquire the company.

Having spent nine years in the post, Mr Glickman has steered the liner through successive regional and global crises, from the pandemic to the siege of Gaza, the associated Red Sea problems and now the Israel/US war against Iran.

 “When I joined Zim nine years ago, I believed in this company, I believed in its people, and I believed that with the right strategy, discipline, and courage, we could transform Zim into a stronger, more innovative, and more resilient global player,” Mr Glickman said.

“Over these years, Zim delivered an astounding turnaround, achieving results that, at points, were unprecedented and restoring pride in the Zim name across the industry. None of this belongs to one person. It belongs to the extraordinary Zim team.”

Citing the “unanimous” decision of the board to go with Hapag over his own proposition, Mr Glickman said he respected the decision, but that “after careful reflection” he would not be able to continue in his role.

That deal from the German carrier valued Zim at $35 per share, and will be supported by Israeli financial outfit FIMI Opportunity Funds, which will forge the new Zim brand to cater for domestic needs.

Hapag-Lloyd’s interest was first mooted in December, shortly after Mr Glickman’s own proposal was made public. Zim acknowledged Mr Glickman’s bid on 25 November, noting it had already “commenced a strategic review into the potential alternatives”.

Despite stating that he “cannot continue as CEO”, Mr Glickman’s departure will not be immediate, with a six-month notice period to play out, providing the carrier time to seek a replacement – a process expected to begin in the coming weeks.

Quite who steps into the role, given the merger occurring in the background, remains to be seen, although chief financial officer Xavier Destriau could prove a reliable option, having been with Mr Glickman for eight of his nine years.