Apex CEO Zehava Cohen Accuses Former Deputy of Trying to Oust Her

Zehava Cohen, CEO of Apax Partners, has denied accusations by her former number two, Erez Nachum, in a labor court filing submitted Monday. In her defense, Cohen says Nachum was fired for professional failures and lack of integrity, and that after she confronted him he “burst at her furiously,” later apologized, and was sent on unpaid leave. She says he then pursued “a path of intrigues and schemes” and told Apax’s global CEO that Cohen was “too old” and should be replaced.

Cohen rejects Nachum’s claim that she abused him, saying he was the one who mistreated employees and created a workplace that was “unsafe, and at times even terrifying.” She says he received respectful treatment and denies that she ever “shouted” at him during their work relationship. Nachum filed his lawsuit in February, seeking 10 million shekels from Cohen and Apax, which previously held major Israeli assets including Bezeq, Tnuva and Psagot.

Nachum alleges that since becoming a partner at the fund he was subjected to abuse, and that after complaining to senior executives he was targeted in a personal campaign that ended in his dismissal. His filing says Cohen used profanity, shouting and humiliation toward employees, allegedly calling them “garbage,” “idiot,” “piece of shit” and “zero,” and making racist and homophobic remarks such as “Who is the seller? Arab?” and “He talks like a gay.” He also claims she ran the office by instilling constant fear and told him that this was her management style, meant to show she held the power.

The case also touches on Apax’s investment in Max Stock. In January 2026, Apax sold most of its shares in the discount chain for about 300 million shekels, ceasing to be the controlling shareholder, though it still holds 8.36% of the stock. Nachum argues that because Apax was conducting an internal investigation into Cohen while selling the stake, investors should have been informed. He says the lack of disclosure shows the probe was a “sham” whose outcome was predetermined. He also claims a planned Max Stock board meeting was postponed, supposedly because of scheduling issues, to keep him out of a session on the 2026 budget and executive compensation, and that after the meeting was rescheduled Apax told him it would physically bar him from attending.