August 17, 2012 / 9:40 AM / 5 years ago

UPDATE 1-Israel Chemicals names ex-Lonza chief as CEO

JERUSALEM, Aug 17 (Reuters) - Fertiliser and specialty chemicals maker Israel Chemicals named Stefan Borgas as president and chief executive officer, effective Sept. 20.

Borgas, a former CEO of Swiss drug industry supplier Lonza , will replace Akiva Mozes - ICL’s president and CEO for the past 13 years and who will leave following 37 years with the company to be chairman of Israeli group Oil Refineries .

Lonza ousted Borgas in January after 2011 profit plunged a third. Borgas also serves as a director of Syngenta, while he also had senior positions over 14 years as BASF .

Under Mozes, ICL became the world’s sixth-largest potash producer and the second largest company traded on the Tel Aviv Stock Exchange with a market value of about $15 billion.

On Wednesday, ICL - which produces a third of the world’s bromine - reported quarterly net profit of $407 million on revenue of nearly $2 billion.

Canadian group Potash Corp, the world’s largest fertiliser producer, owns 13.9 percent of ICL, which is controlled by conglomerate Israel Corp.

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