ZIM Names New CEO Amid Hapag-Lloyd Takeover Bid

Israeli container carrier ZIM has named Chen Lichtenstein as its next president and chief executive officer, choosing a leader from outside the shipping industry as the company moves through a proposed takeover by Germany’s Hapag-Lloyd.

Lichtenstein will succeed long-serving CEO Eli Glickman on July 1. Glickman announced in April that he would be leaving the position.

The leadership change comes at a significant time for the New York-listed liner operator, which is currently involved in a proposed $4.2 billion acquisition by Hapag-Lloyd and Israeli investment fund FIMI. Although shareholders have approved the transaction, it still needs regulatory approval and remains under review by several Israeli government bodies.

With the deal still pending, ZIM’s board has selected an executive with broad experience in global business leadership, mergers, integration and finance, rather than someone with a conventional shipping background.

Lichtenstein most recently worked as chief financial officer of agricultural technology company Syngenta Group from 2020 to 2023. In that role, he was also responsible for strategy, integration and productivity programs. Before joining Syngenta, he headed crop protection firm ADAMA during a period of growth and oversaw its integration into ChemChina’s agricultural business.

Earlier in his career, Lichtenstein spent seven years with Goldman Sachs in New York and London, where he worked on major financing and acquisition deals.

ZIM Chairman Yair Seroussi said Lichtenstein brings a mix of management, financial and strategic expertise that makes him well placed to guide the company into its next stage.

Lichtenstein said he was honored to take on the position at what he called a global Israeli company with a strong history and international footprint.

ZIM operates in a dynamic, competitive and complex market,” he said. “I attach great importance to maintaining the company’s stability, strengthening its performance and business capabilities, and continuing to create value for customers, employees, partners and shareholders.”

The appointment comes as ZIM continues to wait for regulatory clearance for its planned acquisition by Hapag-Lloyd and FIMI. The $4.2 billion deal has drawn attention from Israeli authorities, partly because of limitations connected to the state’s golden share in the carrier. However, Hapag-Lloyd and FIMI have repeatedly said they remain confident the transaction will eventually be approved.