"The VP Table" has been cancelled: This is how Chen Lichtenstein is changing the DNA in ZIM's offices

While the sale of the shipping company ZIM has not yet been completed, the new CEO Chen Lichtenstein presented financial reports for the second quarter, which was still under the management of his predecessor, Eli Glickman. The reports show that after a weak first quarter, the second quarter improved significantly, with ZIM recording revenue of 1.78 billion dollars, an 8.9% growth compared to the corresponding quarter and 27.6% compared to the previous one. ZIM recorded a net profit of 64 million dollars, a significant improvement from the 24 million dollar profit in the corresponding quarter and a turnaround from the 86 million dollar net loss in the previous quarter.

Meanwhile, Globes has learned that Lichtenstein, who took office in early July, brings a completely different approach to ZIM. Sources familiar with the company describe him as much more open and cordial. "He walks around the corridor, sits with someone else every time," one employee noted. An example of this new approach was the cancellation of the reserved "VP table" in the company dining room.

Sources note that while Glickman was also supportive of staff, his style was more "military" (he is a former commander of the IDF's Flotilla 13), whereas Lichtenstein is seen as more of a "buddy" type.

Bonus and Joining Terms

Lichtenstein (59) was appointed after Glickman retired following a 9-year tenure. The appointment comes amid the pending 4.2 billion dollar sale of ZIM to Hapag-Lloyd and the FIMI fund. Under the deal, international operations will be held by Hapag-Lloyd, while the Israeli arm ("New ZIM") will be owned by FIMI.

Lichtenstein holds degrees in physics and law, as well as two doctorates from Stanford. His background includes senior roles at Goldman Sachs, Adama, and Syngenta. His compensation package includes a monthly salary of 240,000 shekels, an annual bonus of up to 4.3 million shekels, and a 1.44 million shekel joining grant.

Key Report Highlights

• 64 million dollars: Net profit for the quarter (compared to an 86 million dollar loss previously).

• 1.78 billion dollars: Total revenue (approx. 9% growth).

• 922,000 containers: Transported at an average price of 1,590 dollars (up from 1,310 dollars).

Government Approval Pending

The sale of ZIM is still awaiting government approval. The Ministry of Defense has raised concerns regarding the preservation of national security interests, particularly due to the presence of Qatari and Saudi sovereign wealth funds as shareholders in Hapag-Lloyd. ZIM workers' committee chairman Oren Kaspi has strongly opposed the deal, citing Qatar's status as a hostile state.

Future Outlook

ZIM expects an adjusted EBITDA of 2-2.4 billion dollars for 2026. Lichtenstein stated that his focus is on maximizing market opportunities and strengthening competitiveness. CFO Sami Jubran added that the board may consider declaring dividends based on third-quarter results. ZIM is currently traded on the New York Stock Exchange with a market value of 3.4 billion dollars.