German-born Stefan Borgas Resigns as CEO of Israel Chemicals to Return to Europe

Borgas was took the position in September 2012 and will now step down after four years.

Stefan Borgas.
Lonza Cologne GmbH

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 center 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.