February 14, 2018 / 3:09 PM / 2 months ago

UPDATE 1-Insurance boss Zoller tipped as next CEO of Israel's ICL

(Adds company statement paragraphs 4-5)

TEL AVIV, Feb 14 (Reuters) - Fertiliser and specialty chemicals maker Israel Chemicals (ICL) is likely to appoint insurance boss Raviv Zoller as its new chief executive, Israeli media reported on Wednesday.

Zoller, who would replace acting CEO Asher Grinbaum, said earlier this month that he would step down as CEO of IDI Insurance Co, a position he has held since 2008.

Zoller is the preferred candidate of ICL Chairman Johanan Locker, who headed the selection committee for the appointment and is expected to recommend Zoller’s candidacy to the company’s board of directors for approval, Israel’s Globes financial news website said.

“The search committee has formulated a recommendation regarding the appointment of the future CEO of the company,” ICL said in a brief statement in response to the reports.

“The company’s board of directors has not yet convened to discuss the approval of the recommendation.”

Grinbaum was appointed acting CEO in September 2016 when former CEO Stefan Borgas left.

ICL reported higher fourth-quarter revenue and profit on Wednesday, beating expectations as potash prices rose and expenses fell. ICL is the world’s sixth-largest potash producer.

ICL, which also produces about a third of the world’s bromine, earned $142 million excluding one-off items in the quarter on revenue of $1.36 billion. (Reporting by Tova Cohen, Editing by Ari Rabinovitch and Susan Fenton)

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