Freightos founder takes board fight to shareholder vote

Freightos founder Zvi Schreiber’s campaign to change the company’s leadership is heading to a contested shareholder vote, escalating a dispute over the digital freight-booking platform’s strategy, financial performance and long-term prospects.

The company’s board has agreed to put Schreiber’s proposals to shareholders at its annual general meeting in December, pending confirmation of the meeting date.

Schreiber has submitted three resolutions: one to remove Chairman Udo Lange as a director, another to require annual director elections instead of the current three-year terms, and a nonbinding recommendation to appoint a chairman with experience scaling growth-stage technology companies and refocus the strategy on rapid platform growth.

However, Schreiber said Freightos has refused to put the strategy recommendation to a shareholder vote. Freightos did not directly comment on that claim in its response to FreightWaves. The proposals would have different effects.

Freightos is incorporated in the Cayman Islands, and its directors currently serve staggered three-year terms, with different classes standing for election at successive annual general meetings. Schreiber’s special resolution proposes shortening those terms to one year, a change that would require an amendment to the company’s articles of association.

Schreiber argues the changes are needed to hold Freightos’ leadership accountable for its performance. Specifically, he said Lange should take responsibility for the company’s performance, pointing to the gap between Freightos’ share-price performance and the broader market.

“It’s certainly not a personal thing, but the board has gone in the wrong direction and delivered very bad results for shareholders, and the chairman should take responsibility,” Schreiber said. Schreiber also argued that annual elections would make the board more accountable to shareholders.

“That way, the directors are more answerable to shareholders, and we get to decide every year if we’re pleased with the job they’re doing or not,” he said. Schreiber founded Freightos in 2012, and agreed to step down as CEO effective Jan. 31, 2026, but decided to resign from the board entirely on Feb. 28.

CFO Pablo Pinillos took over as CEO following Schreiber’s departure. Schreiber remains a roughly 6% shareholder. Schreiber said the main driver of his resignation from the board was the decision to prioritize its Solutions business, which sells software and data products, over its digital booking platform, while also slowing the pace of growth.

He argued that the shift was particularly misguided as advances in artificial intelligence threaten to make software products easier to replicate. “To bet that company on solutions first, just when AI is really threatening it, I thought that was a very bad decision,” Schreiber said.

The campaign followed about three months of correspondence and legal pressure from Schreiber. He said he initially held off on publicly challenging the board to give it time to demonstrate that its strategy would work. “To launch a public campaign against the board? that needs data,” he said.

“So I wanted to give them at least six months to prove themselves.” Over the past year, Freightos shares have fallen about 78%, compared with a roughly 16% gain for the Nasdaq Composite over the same period, according to Nasdaq’s historical index data.

The figures provide context for Schreiber’s criticism of shareholder returns, though they do not by themselves establish the causes of the stock’s performance.

After Freightos reported second-quarter results in August showing revenue growth of 3% year over year and a 4% decline in Solutions revenue, Schreiber said he concluded the strategy was not delivering the results he wanted to see. Schreiber has since launched GrowCRGO, an initiative focused on his campaign for changes at Freightos.

“I’m proud of Freightos and very passionate about it and very sad when I see it not being managed in the way which I think is right,” Schreiber said. Financial performance underpins the dispute Freightos operates a digital platform that connects airlines, freight forwarders and shippers to price, book and manage international freight.

It also sells software and data products to logistics companies. The company’s second-quarter results showed contrasting performance between the two businesses. Freightos reported $7. 7 million in revenue for the second quarter of 2026, up 3% from a year earlier. Platform revenue increased 19% to $2.

9 million, while Solutions revenue, which includes subscription-based software and data services, fell 4% to $4. 8 million. The recent slowdown followed a stronger 2025, when Freightos’ Solutions revenue grew 27% to $19. 6 million. The business generated about 62% of the company’s total revenue that year, compared with 38% from its Platform business.

Freightos remains unprofitable on an adjusted EBITDA basis, reporting a loss of $2 million in the second quarter, an improvement from