Freightos founder Schreiber demands board, strategy revamp

Freightos founder Zvi Schreiber has launched a shareholder advocacy campaign seeking changes to the company's board and a return to platform-led growth, arguing that the freight technology company has lost momentum under its current strategy.

Schreiber, who founded Freightos in 2012 and led the company for 14 years before resigning from its board in February 2026, is launching the campaign as a shareholder. He is seeking shareholder support ahead of Freightos' 2026 annual general meeting. Schreiber currently holds a 6.1% stake in Freightos, making him one of the company’s largest individual shareholders.

In an exclusive interaction with The STAT Trade Times, Schreiber said, "Shareholders are very frustrated, as reflected in the share price dropping over 60% in the last year."

Marketplace to SaaS shift backfired?
The central argument behind the campaign is that Freightos has prioritised near-term EBITDA breakeven at the expense of revenue growth.

Schreiber points to Freightos' February 23, 2026, strategy announcement, when Pablo Pinillos, CFO and then Interim CEO of Freightos, said, "2026 is a transition year in which we are deliberately sequencing our growth.”

The company also announced a shift towards a Solutions-first strategy. Schreiber resigned from the board on the same day the new strategy was announced.

He argues that the subsequent financial performance validates his concerns. Freightos reported second-quarter 2026 revenue of $7.691 million, up 3% year on year.

Schreiber wrote, “In Q2 2026, the Platform the board deprioritised grew 19% to $2.9M, while Solutions — the segment the whole pivot was made for — fell 4% to $4.8M, roughly 7% in real terms. Solutions revenue peaked at $5.1M in Q3 2025 and has not grown in any quarter since: $5.1M → $4.9M → $4.8M → $4.8M. Every dollar of the quarter's growth came from the strategy the board stepped away from.”

The company is guiding for 3–5% revenue growth for the full year, compared with its longer-term model of 25–30% annual growth.

He also points to Freightos' share price performance. According to the campaign's market-data analysis, the stock has fallen about 62% from its July 28, 2025 level, when current chairman Udo Lange was appointed, while the Nasdaq Composite has risen about 25% over the same period.

AI is another fault line
Schreiber's criticism also centres on how artificial intelligence affects Freightos' business model.

He argues that the company's shift toward Solutions, primarily SaaS, comes as AI pressures traditional software models.

“What no AI agent can replace is the neutral marketplace — the network of carriers, forwarders and importers, the live tradable prices, and the rails actually to execute a booking. AI agents will need the Freightos Marketplace even more than human freight professionals do,” he said.

"It would simply be wrong for me to maintain silence"

Schreiber says he initially chose not to publicly challenge the board after his resignation, instead raising his concerns privately.

He says that changed after Freightos' second-quarter results and its weaker third-quarter guidance, which he believes demonstrated that the 2026 strategy was failing and shareholder value was being destroyed.

Schreiber calls for three changes
Schreiber's campaign, branded GrowCRGO, calls for three broad changes. CRGO is Freightos’ ticker symbol on the Nasdaq.

First, he wants Freightos to appoint a new chairman with a technology-growth background and make additional board changes, including moving directors to standard one-year terms.

Udo Lange is at the centre of the campaign. He was appointed Freightos’ independent chairman in July 2025, having joined its board in 2022, and brings more than two decades of logistics and supply-chain experience, including senior leadership roles at FedEx and DHL Global Forwarding.

Second, he wants the company to recommit to aggressive growth of its platform business, including relaunching the Freightos Marketplace for what he describes as the AI era.

Third, he wants Freightos to rebuild its senior management team and stem what he describes as a loss of key talent.

The leadership changes have extended beyond Schreiber’s departure. Chief Marketing Officer Eytan Buchman, who had spent 13 years at Freightos, also announced his departure in 2026. At the director level, Antonia Ambrozy, who led revenue operations and had been involved in digital transactions and SaaS sales, announced her departure from the company in June 2026, after more than three years. Freightos also announced a workforce reduction of up to 15% in March as part of a cost-optimisation programme.

In a June 29 filing with the US Securities and Exchange Commission, Schreiber noted that he intends to engage with the company’s board, management and shareholders over its strategy and governance, including potential changes to the board and chairman.

"The Reporting Person believes," it reads, "that the strategic direction and execution being pursued by the Board, particularly since the first quarter of 2026, are impairing the Issuer's performance and short-term and long-term shareholder value, and that substantial value can be created for all shareholders by returning the Issuer to a platform-first, high-growth strategy and by making changes to the composition and leadership of the Board, including the role of chairman."

Schreiber says he has already submitted three formal resolutions for consideration at the 2026 AGM. The resolutions to Freightos on July 8. The company subsequently questioned Schreiber's status and eligibility to bring the resolutions before the meeting and, according to Schreiber, said its board will consider the request on or before November 4.

Freightos board
Freightos’ board pairs deep logistics operating experience with financial and investment expertise. Chairman Udo Lange, CEO of Stolt-Nielsen and a former FedEx executive, brings over two decades in global freight, customs, and logistics. CEO and CFO Pablo Pinillos rounds out the executive presence, with a track record across three startups and IPOs.

The independent directors span aviation, technology, and capital markets. Mark A.P. Drusch, Qatar Airways' Chief Cargo Officer, and Michael Schaecher, founder of mSc Avia Consulting, contribute airline and aviation-logistics expertise. Rotem Hershko, a McKinsey senior advisor and former Maersk and Amazon executive, adds digital transformation and e-commerce experience. Inna Kuznetsova, former CEO of ToolsGroup and veteran of INTTRA and CEVA Logistics, chairs the Compensation Committee, while Tzvia Broida, NeuroBlade's CFO, chairs the Audit Committee.

Investment perspective comes from Ezra Gardner, CEO of Gesher and a partner at Varana Capital, and Carl Vine, Co-Head of Asia Pacific Equities at M&G Investments — together anchoring the board's financial oversight.

Freightos Limited (Nasdaq: CRGO) has a diversified ownership base, with institutions, strategic partners, and founder Zvi Schreiber holding significant stakes, per the latest data. The general public holds 40.2% of shares, institutions 27.6%, public companies 9.19%, private companies 8.7%, individual insiders 7.45%, and VC/PE firms 6.86%. The top 25 shareholders control roughly 59.4% of the company.

M&G Investment Management is the largest shareholder at 13.3% (6.87 million shares), followed by Singapore Exchange Limited at 9.19%. Qatar Airways Group, a strategic partner, holds 8.7%, while Aleph Venture Capital owns 6.86%. Schreiber remains the largest individual shareholder with a 6.06% stake despite exiting his executive roles. Bard Associates holds 4.74%

Even as Schreiber battles to steer Freightos back onto a growth path, the entrepreneur has continued innovating in the AI space since stepping down from the company he founded. He has since launched PanLuma, an AI-native business software platform that combines ERP functions.

Schreiber says developing software of this scope would traditionally require around $20 million, a team of 100 engineers, and three years of work. By orchestrating a fleet of AI agents instead, he claims to have built the platform single-handedly in just six months.

We have reached out to Freightos for comment on the current issue and have not yet received a response.