Raviv Zoller will likely be appointed CEO of Israel Chemicals (TASE: ICL: NYSE: ICL). Zoller is the preferred candidate of Israel Chemicals chairperson Johanan Locker, who headed the company's selection committee, and who is expected to bring Zoller's candidacy to the Israel Chemicals' board of directors for approval.
Zoller will replace acting CEO Asher Grinbaum.
Early this month, Zoller announced his wish to resign as CEO of IDI Israel Direct Insurance Ltd. (TASE: DIFI). He is due to leave this company in August.
"After 10 years in the job, it is no surprise," Zoller told "Globes," adding, "It's a very good and long term at any company, and certainly at an insurance company."
Zoller, who was appointed CEO at Direct Insurance in May 2008, was the longest-standing CEO at a major Israeli insurance company. From 2008 to 2016, his aggregate pay totaled NIS 56 million (an annual average of NIS 6.25 million), excluding his not-yet-announced salary for 2017 and what he will be paid for 2018, which will certainly amount to a substantial sum.
Grinbaum was appointed acting CEO in September 2016 when former CEO Stefan Borgas left his position. Together with Locker, Grinbaum led a comprehensive streamlining program at the company that included closing down money-losing activities, the sale of the company's non-core business, and a halt in investments in a large-scale computer project.
Plunging prices for potash and phosphate, the two main raw materials mined and marketed by Israel Chemicals, have hit the company hard in recent years. Nevertheless, the company's reports for 2017 (published today) showed a 1% rise to $5.4 billion in revenue, while its operating profit reached $629 million, compared with a $3 million loss in 2016.
Israel Chemicals' adjusted operating profit grew 12% to $652 million, following recovery in potash prices and good performance in the company's advanced additives and industrial products, combined with lower management and general expenses.
Israel Chemicals' 2017 net profit was $364 million, compared with a $122 million loss in 2016.
Published by Globes [online], Israel Business News - www.globes-online.com - on February 14, 2018
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