Israel Chemical (ICL) CEO Borgas Resigns

September 12, 2016 6:15 AM EDT

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ICL (NYSE: ICL), announced that its Board of Directors appointed Mr. Asher Grinbaum as Interim CEO of the company, effective immediately. Mr. Grinbaum's appointment follows the resignation of Mr. Stefan Borgas as CEO and member of ICL's Board of Directors. Until recently, Mr. Grinbaum served as Executive Vice President and as the Chief Operating Officer (COO) of the company. Mr. Grinbaum will act as Interim CEO until a permanent CEO is appointed.

Mr. Grinbaum, a resident of Israel's Negev region, has worked at ICL for over 40 years, during which time he has held a number of senior management positions.

Mr. Grinbaum began his employment as an engineer at ICL's Bromine Compounds unit, and since then he has held a variety of management positions, including CEO of ICL Fertilizers from 2004 to 2007, and, prior thereto, CEO of ICL Industrial Products.

Mr. Grinbaum holds a BA in mechanical engineering and an MBA from Ben Gurion University.

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