ICL CEO’s Abrupt Departure Raises Questions About Strategy
- Stefan Borgas says left Israel Chemicals for personal reasons
- Shares have fallen more than 60% during his four-year tenure
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The abrupt resignation of Israel Chemicals Chief Executive Officer Stefan Borgas is raising questions about the company’s strategy just as it has embarked on a major overhaul.
Borgas, who cited personal reasons for leaving, was restructuring Israel’s second-largest publicly traded company as it faced increasing tax bills and a decline in fertilizer prices globally. Asher Grinbaum, until recently the company’s executive vice president and chief operating officer, will serve as CEO temporarily, ICL said in a filing Sunday to the Tel Aviv Stock Exchange.