Stefan Borgas has resigned as CEO at Israel Chemicals Ltd. His letter of resignation was accepted on Thursday night by the ICL board of directors and follows months of reported tension between Borgas and the majority shareholder of ICL, Idan Ofer. Borgas served in the post four years and was the first non-Israeli to hold the position. Analysts who follow the company say that the writing was on the wall and Borgas’ resignation was expected.
In his statement, Borgas said he had successfully led the company for four dramatic years in the commodity markets and the time had come to return to his European base.