TEL AVIV - ICL Group LTD (NYSE: TASE:ICL) (TASE: ICL), a leading global specialty minerals company, announced today that its CEO Raviv Zoller plans to retire in early 2025. Zoller, who has been at the helm for seven years, will remain in his role until a successor is appointed and a formal transition period is completed. The announcement comes as the company shows strong momentum, with InvestingPro data showing an impressive 11% return over the past week and robust financial health metrics.
During his tenure, Zoller has been credited with enhancing the company's innovation and sustainability efforts, as well as increasing the profitability of its products. The company's chairman, Yoav Doppelt, praised Zoller's leadership, particularly acknowledging his role in navigating the company through global crises and maintaining a focus on strong relationships and technological advancements.
Zoller's departure is expected to coincide with the release of ICL's annual financial statements. In a communication to employees, he expressed pride in the company's achievements and the strength of the team he will be leaving behind. He also highlighted the importance of his family's support throughout his tenure.
ICL, which employs over 12,000 people worldwide, reported revenues of approximately $7.5 billion in 2023. The company is known for its impactful solutions in the food, agriculture, and industrial markets, leveraging its unique bromine, potash, and phosphate resources along with its R&D capabilities.
The announcement comes with the usual caveats of forward-looking statements, advising that actual results may differ materially from those projected due to various factors.
This news is based on a press release statement from ICL Group LTD.
In other recent news, ICL, a global specialty minerals and chemicals company, has announced its third quarter 2024 financial results. Despite ongoing geopolitical tensions and market fluctuations, the company reported third-quarter sales of $1.753 billion, a 10% increase in adjusted earnings per share (EPS) to $0.11, and a 37% year-over-year rise in EBITDA for specialty-driven divisions. This growth is attributed to the company's focus on specialty products and strategic initiatives.
The company's potash division's contribution to total EBITDA decreased to 30%, with sales of $389 million, while the Phosphate Solutions and Growing Solutions divisions showed robust performance. ICL also announced plans to maintain potash sales at 4.6 million metric tons for 2024 and the development of a new customer innovation center in St. Louis to support battery materials production by 2027.
ICL anticipates stabilization and improvement in potash demand and pricing by 2025 and has raised its specialty division EBITDA guidance for 2024 to between $0.95 billion and $1.05 billion. The company ended the quarter with $1.7 billion in available resources and will distribute a $0.05 per share dividend next month. These recent developments highlight the company's resilience amid market challenges.
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