Israel Corp. named Nir Gilad as chairman of Zim Integrated Shipping Services

Gilad is a former accountant generaland deputy head of Israel's ministry of finance's budget division
 
Israel Corporation Ltd. the majority shareholder in Zim Integrated Shipping Services, has reported to the Tel Aviv Stock Exchange that Zim Integrated Shipping Services Ltd’s Board of Directors had resolved to appoint Nir Gilad, a former accountant generaland deputy head of Israel's ministry of finance's budget division, to serve as the Chairman of the Board of Directors of Zim.
 
Idan Ofer, Zim’s outgoing chairman, and the Ofer family are the largest shareholders in Israel Corp. Ofer himself owns 3.9% of the stock, Ofer Holdings owns 2.9%, and the Ofer family-controlled Millennium Investments Elad owns 46.9%.
 
Mr Gilad, who succeeds the former Zim chairman Idan Ofer, is taking the helm at a critical time.
Two weeks ago Zim reported a third-quarter net loss of $208 million, compared with $61 million a year earlier, as it was hit hard by the downturn in global trade. A month ago Israel Corp. shareholders approved a restructuring plan for Zim that includes a cash infusion of $450 million in return for Zim’s issuance of stock rights.
 
The company said on Wednesday it has transferred $100 million of this amount to Zim, given it instructions to convert another $200 million in loans it had extended into rights units, and committed to paying Zim the balance of $150 million in one payment or installments on Zim"s demand in return for rights units equivalent to thatamount.
 
Mr. Gilad holds an MA in Business Administration from Bar Ilan University, and a BA in Economics, Agricultural Administration and Natural Sciences from the Hebrew University, Jerusalem. He has initiated and directed strategic programs for the Israel government aimed at improving Israel's Negev and Galilee regions. Mr. Gilad holds the rank of Lieutenant Colonel in the IDF reserves.