ZIM CEO Chen Lichtenstein Revamps Company Culture Amid Ongoing Sale Process

Chen Lichtenstein, who became CEO of the Israeli shipping company ZIM in early July, is introducing significant cultural changes while presenting the company’s Q2 financial results to investors. The quarter, still under former CEO Eli Glickman’s management, showed improvement with revenues of $1.78 billion, an 8.9% increase year-over-year and 27.6% over the previous quarter. Net profit reached $64 million, a notable rise from $24 million in the same quarter last year and a turnaround from a $86 million net loss in Q1.

Lichtenstein’s leadership style contrasts with his predecessor’s military-influenced approach; he is described as more approachable and informal, exemplified by his cancellation of the exclusive executives’ dining table to foster inclusivity. Glickman, a former naval commando, was also supportive of employees but maintained a more formal demeanor. Lichtenstein, 59, holds degrees in physics, law, business, and has extensive experience in business leadership, including senior roles at Adama and Syngenta, and currently serves as a director at Teva.

Lichtenstein was appointed CEO after Glickman’s retirement following nine years, during a period of uncertainty as ZIM’s sale to private equity firms PAG and FIMI for $4.2 billion awaits regulatory approval. The international operations will be held by PAG, while FIMI will control the Israeli segment. The Israeli government holds a "golden share" to protect national interests, with some ministries, notably the Defense Ministry, opposing the deal over security concerns. Critics also highlight PAG’s partial ownership by sovereign wealth funds from Qatar and Saudi Arabia, which has sparked controversy given regional tensions.

Financially, ZIM handled 922,000 containers in Q2 at an average freight rate of $1,590, up from $1,310 in Q1. Adjusted EBITDA was $491 million, with net debt at $2.77 billion. Despite a 12.8% revenue decline in H1 2025 compared to last year, the company forecasts adjusted EBITDA of $2-2.4 billion and EBIT of $700 million to $1.1 billion for 2026. CFO Sami Jowbran indicated strong ongoing performance and potential for dividend declarations based on Q3 results.

Lichtenstein emphasized his focus on maximizing market opportunities, optimizing resources, and enhancing competitiveness amid changing conditions. ZIM is currently valued at $3.4 billion on the New York Stock Exchange.