Zim CEO Rafi Danieli has indicated he wants to resign from his post once its US$3 billion restructuring plan has been implemented, a source at parent company Israel Corp said last week.
Israel Corporation plans to appoint Danieli chairman of Zim in place of Nir Gilad, CEO of Israel Corporation, who has also been serving as Zim chairman.
Danieli served as the Chief Executive Officer of Zim Integrated Shipping Services Ltd. from March 2009 to July 1, 2014. He served as a deputy Chief Executive Officer of Zim Integrated Shipping Services Ltd. He has held various positions at Zim for over 35 years.
Under the restructuring deal, Israel Corp’s near 100-percent stake in Zim will fall to 32 percent after a $1.4 billion debt-to-equity conversion agreement with creditors. Israel Corp shareholders have approved the restructuring of Zim but the fate of the government’s “golden share” is holding up implementation.
The golden share ensures that Zim will continue to operate ships in and out of Israel during times of emergency and also gives the government the power to approve any decisions that could affect the “Israeli identity” of the company.