TEL AVIV, Feb 2 (Reuters) - Israel’s Adama Agricultural Solutions, formerly known as MA Industries, said on Sunday its board appointed Chen Lichtenstein as its new president and chief executive officer, effective Feb. 7.
He will replace Erez Vigodman, who is leaving Adama to become CEO of Teva Pharmaceutical Industries.
Adama, the world’s biggest provider of generic crop-protection products, is 60 percent controlled by China National Chemical Corp (ChemChina) while Israeli holding company Koor Industries, a subsidiary of IDB Holding Corp, owns the rest.
Lichtenstein joined Adama in 2006 and most recently served as its deputy CEO in charge of China integration, as well as CEO of ChemChina’s strategic business division - China National Agrochemical Corp.
Prior to that, Lichtenstein established and ran the company’s global resources division, integrating all global operations including manufacturing, supply chain, procurement and research and development.
Before joining Adama Lichtenstein served as executive director of investment banking at Goldman Sachs in New York and London.
“The appointment of Chen as CEO comes as Adama continues its growth from a leader in off-patent agrochemical products to becoming a global company that simplifies the life of farmers,” the company’s chairman Yang Xingqiang said.
Chen will also leverage his extensive familiarity of global capital markets as Adama prepares for an initial public offering, Xingqiang added.
“2014 will be an important year for our organisation as we roll out our new global brand, and increase the integration of our business with ChemChina,” Lichtenstein said. (Reporting by Tova Cohen)