Tel Aviv—Israel Chemicals Ltd.’s (ICL) CEO Stefan Borgas may be on his way out, according to major Israeli media. Three Israeli economic newspapers say that ICL controlling shareholder Idan Ofer is dissatisfied with the company’s performance. Unnamed sources were quoted as saying that Borgas may follow the exit of ICL Board Chairman Nir Gilad, who is set to leave the company Sept. 1 (GM March 11, p. 12). ICL said in a statement that there was no change in the status of Borgas and the company would not be drawn into comments on media speculation. The speculation comes as the company began a roadshow with institutional investors for its upcoming bond issue. Investors have expressed concern about the company’s profitability, which has declined sharply in the past two years, as well as its dividend strategy. Last week ICL said the board of directors would be taking up the issue of dividends and will re-examine ICL’s dividend policy at its upcoming meeting and may make changes (GM March 18, p. 14). Borgas took over from Akiva Mozes in September 2012. According to The Marker, Borgas is in talks with ChemChina to be appointed CEO of Syngenta. In February ChemChina issued a tender offer to acquire the huge agricultural chemical company for $43 billion (GM March 4, p. 14). ChemChina also owns a majority stake in Israeli-based Adama Agricultural Solutions.
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