Freightos Founder Seeks New Chairman Amid 62% Share-Price Decline

Zvi Schreiber, founder of cargo booking platform Freightos, is calling for a board shakeup, including the ouster of Chairman Udo Lange, citing a 62% drop in the company’s share price during Lange’s tenure. Schreiber is seeking a new chairman with a technology-growth background and is pushing for aggressive platform growth to counter senior talent departures. He is also calling for directors’ terms to be shortened to one year from three. Schreiber, who holds about 6.1% of shares outstanding, is asking shareholders to register their emails to vote for change. Freightos went public in 2023 with a special purpose acquisition company and has been aiming to digitize air and sea cargo transactions. The company’s shares hit an intraday peak of $31 a share on its first day of trading in January 2023 but closed at $1.27 on September 8. Schreiber believes that Freightos remains the best-positioned company to lead the digitalization of international freight, but that its lead is slipping.