Rafi Danieli steps down as Zim CEO

Rafi Danieli  picture: Tamar Mitzpi
Rafi Danieli picture: Tamar Mitzpi

Parent company Israel Corporation plans to appoint Danieli chairman.

Zim Integrated Shipping Services Ltd. CEO Rafi Danieli has notified Zim's parent company Israel Corporation (TASE: ILCO), controlled by Idan Ofer, of his wish to resign from his post. 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 has been CEO of Zim for five years, during which time he has led to the company to two debt settlements: the first when he took up the post in 2009, and the second that is currently in the process of being confirmed.

Danieli has been with Zim for 35 years, during which he has held several management positions. In an interview with "Globes" in February this year, Danieli was asked about the possibility that he will not continue as CEO after the current debt settlement, since a new board will be appointed on which Israel Corporation will not have a majority. Under the settlement, Israel Corporation will be diluted to a 32% holding in Zim, and directors will be appointed to the board representing Zim's various creditors. Danieli responded, "I don't know whom they will appoint. The new board of directors will have the right to appoint a new management."

Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

Rafi Danieli  picture: Tamar Mitzpi
Rafi Danieli picture: Tamar Mitzpi
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