September 8, 2016 / 9:47 PM / a year ago

Borgas to resign as CEO of Israel Chemicals

TEL AVIV, Sept 9 (Reuters) - 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. (Reporting by Tova Cohen; Editing by Bernard Orr)

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