ZIM seeks executive bonuses as $4.2bn sale to Hapag-Lloyd and FIMI advances

Zim seeks shareholder approval for a $924,000 bonus for CEO Eli Glickman, according to Calcalist. The bonus relates to its $4.2 billion acquisition by Hapag-Lloyd and Israeli private equity fund FIMI.

Thirteen other executives could receive $5.4 million in bonuses. These are retention payments. They will be paid when the merger completes or after 15 months. Some payments may occur even if the deal fails, with shareholder approval.

Glickman sold almost all his Zim shares for $40 million, about 20% below the acquisition price. Zim also proposes a new three-year compensation policy. Under it, the CEO earns NIS 240,000 per month, the CFO NIS 190,000, and another executive NIS 180,000.

Directors may earn up to $100,000 annually plus meeting fees. This policy applies until the merger is completed.

Zim will let the board extend employee stock options and accelerate vesting due to the change in control. The company warns that executives’ interests may not fully align with public shareholders. The Israeli government’s “golden share” adds complexity. Hapag-Lloyd and FIMI must secure its approval.

FIMI leads the acquisition through its seventh fund, which raised $1.25 billion in 2021. FIMI 7 earned $698 million in 2025, up from $259 million in 2024. Its portfolio value rose 53.7% to $1.39 billion.

The fund holds stakes in Ashot Ashkelon, Amal Holdings, and Marom Dolphin, delivering high returns.

FIMI will acquire Zim’s Israeli operations and assume the obligations of the golden share. Payment to Hapag-Lloyd will start only after FIMI earns $200 million in cash returns from Zim Israel. After that, Hapag-Lloyd receives 50% of further returns.

Hapag-Lloyd also guarantees FIMI a minimum annual profit for several years.

The new Zim Israel entity will operate 12 ships and employ 80–120 workers under current terms. FIMI plans to comply fully with all legal and military requirements. The fund will not use bank financing for the acquisition.

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