Israel Corp has appointed a new chief executive, Nir Gilad, a former accountant general and deputy head of Israel's ministry of finance's budget division, who becomes the new chairman of its problem child, Zim Integrated Shipping Services.
Mr Gilad, who succeeds the former Zim chairman Idan Ofer, is taking the helm at a critical time. The carrier, which recently had its restructuring plan approved by Israel Corp shareholders, after suffering a third quarter loss of US$208 million, which was $147 million more than its last year's third quarter loss.
Israel Corp intends to convert $200 million of the remaining cash, "in loans it had extended into rights units". The rest will be paid together or in instalments in exchange of Zim's shares of a corresponding value, the Shipping Gazette informs.