Israel Chemicals (ICL) Chief Executive Officer Stefan Borgas asked the board of directors to accept his resignation on a date to be agreed upon, the company said in a statement on Thursday night.
Chairman Johanan Locker and the board accepted Borgas’ request and will begin a search for a new CEO.
“Borgas will be available to the company to transfer his role in a proper way”, the statement said.
German-born Borgas, 52, was nominated in September 2012.
“After four successful years of leading ICL through a historically dramatic downturn of the commodity industry, I feel that it is time for me to move the centre of my life back to Europe,” he said.
ICL, a subsidiary of Israel Corp, is one of the three major suppliers of potash to China, India and Europe.
By Tova Cohen
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.