Israel Chemicals (TASE: ICL: NYSE: ICL) CEO Stefan Borgas has resigned.
The announcement came last night in a brief filing to the US Securities and Exchange Commission (SEC). "The Company hereby reports that its CEO, Mr. Stefan Borgas, has announced his decision to resign as CEO and as a board member for personal reasons. The Board of Directors has accepted Mr. Borgas’ resignation. The date of termination will be determined."
German-born Borgas, 51, was appointed Israel Chemicals president and CEO in September 2012, having previously served as CEO of Swiss chemicals company Lonza Group. Borgas's departure is no surprise, there have reportedly been tensions over the past year with the company's controlling shareholder Idan Ofer and after the departure of chairman Nir Gilad earlier this year, market sources said it was a matter of time until Borgas stepped down.
Borgas's four year reign at Israel Chemicals has been a challenging time, with falling global commodity prices and the Sheshinski II committee demand for the company to pay higher royalties to the government. The company's share price has lost 60% over this period, and the stock market performance has not contributed to Borgas's relations with Ofer.
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2016
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