Raviv Zoller will likely be appointed CEO of Israel Chemicals. Zoller is the preferred candidate of Israel Chemicals chairperson Johanan Locker, who headed the company’s selection committee, and who is expected to bring Zoller’s candidacy to the Israel Chemicals’ board of directors for approval.
Zoller will replace acting CEO Asher Grinbaum.
Early this month, Zoller announced his wish to resign as CEO of IDI Israel Direct Insurance Ltd. He is due to leave this company in August.
“After 10 years in the job, it is no surprise,” Zoller told “Globes,” adding, “It’s a very good and long-term at any company, and certainly at an insurance company.”
Zoller, who was appointed CEO at Direct Insurance in May 2008, was the longest-standing CEO at a major Israeli insurance company. From 2008 to 2016, his aggregate pay totaled NIS 56 million (an annual average of NIS 6.25 million), excluding his not-yet-announced salary for 2017 and what he will be paid for 2018, which will certainly amount to a substantial sum.
Grinbaum was appointed acting CEO in September 2016 when former CEO Stefan Borgas left his position. Together with Locker, Grinbaum led a comprehensive streamlining program at the company that included closing down money-losing activities, the sale of the company’s non-core business, and a halt in investments in a large-scale computer project.
Plunging prices for potash and phosphate, the two main raw materials mined and marketed by Israel Chemicals, have hit the company hard in recent years. Nevertheless, the company’s reports for 2017 (published today) showed a 1% rise to $5.4 billion in revenue, while its operating profit reached $629 million, compared with a $3 million loss in 2016.
Israel Chemicals’ adjusted operating profit grew 12% to $652 million, following recovery in potash prices and good performance in the company’s advanced additives and industrial products, combined with lower management and general expenses.
Israel Chemicals’ 2017 net profit was $364 million, compared with a $122 million loss in 2016.
Source: Globes
We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.
Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.
