ZIM Taps Former Adama Chief Chen Lichtenstein to Steer It Through Sale Turmoil
Dr. Chen Lichtenstein will enter the CEO’s office at ZIM Shipping in two weeks, replacing longtime chief Eli Glickman, who stepped down after nine years. He is arriving with no grace period: ZIM is in the middle of a controversial sale that has drawn opposition from employees and several government ministries.
Lichtenstein, 59, is best known for leading Adama, formerly Makhteshim Agan. His appointment was unexpected, according to a company insider, who said his name was not on the original candidate list. The outside search was led by organizational consultant Anat Shelef, who suggested him at the last minute. “We didn’t believe he would agree to come,” the insider said, but after being approached he replied, “Let’s talk.”
If the acquisition closes by year-end, his tenure could be brief. ZIM’s sale to German shipping company Hapag-Lloyd and Israeli investment fund FIMI, led by Ishay Davidi, was signed in February for $4.2 billion and approved by shareholders in April with 97% support. The remaining hurdle is the Israeli state, which holds a golden share and has not yet approved the deal. The economy, transportation and Israel Companies Authority oppose it, while the finance and defense ministries have not decided. Under the agreement, if new owners dismiss Lichtenstein within less than two years after the deal closes, he will receive a golden parachute equal to the remaining salary owed to complete 24 months.
His package is substantial, with a monthly cost of 240,000 shekels, an annual bonus of up to 4.3 million shekels and a 1.44 million shekel signing grant. Sources close to the company say he will need to explain to officials why the deal benefits both ZIM and the state. They note that ZIM currently carries $2.9 billion in debt, while the “new ZIM” would be debt-free and would save $1.3 billion a year in vessel leasing costs.
The new CEO will also face intense labor resistance. ZIM’s union, representing about 850 employees in Israel, including roughly 500 organized workers, has repeatedly threatened work disruptions and says it fears mass layoffs. Yet union representatives said they welcome him and have already scheduled a professional meeting for next week. ZIM chairman Yair Seroussi said he wanted a top-tier executive with international experience, financial expertise and the ability to manage complex challenges, and said Lichtenstein was the right person for a company that needs stability and certainty.
