Monday, December 7, 2009

Israel Corp CEO Named Chair of Zim Board

The Board of Directors of Zim Integrated Shipping Services has appointed Nir Gilad to serve as Chairman of the Zim board, according to a notification to the Tel Aviv Stock Exchange by Zim parent firm Israel Corporation Ltd.

Gilad, an accountant and former budget minister for the Israeli government and current CEO of Israel Corp., succeeds Idan Ofer who is stepping down at the end of his five-year term as chairman. Ofer's family remain the largest shareholders of Israel Corp., with Ofer himself owning 3.9 percent of the firm's stock, Ofer Holdings owning 2.9 percent and the Ofer family-controlled Millennium Investments Elad owning 46.9 percent.

Gilad takes the helm of Zim's board less than two weeks after the shipping firm reported a third quarter loss of $208 million and a month after Zim shareholders approved a restructuring plan that includes raising $450 million in cash by selling stock rights in the firm.