ICL Announces Planned Departure of President and CEO Raviv Zoller

Business Wire 5-Dec-2024 7:21 AM

Zoller to continue to serve the company until a replacement has been announced

ICL (NYSE:ICL) (TASE: ICL), a leading global specialty minerals company, today announced that Raviv Zoller, the company's president and CEO for the past seven years, is expected to leave the company in early 2025, following both the appointment of a replacement and a formal transition.

In a letter to the company's employees, Zoller wrote, "I feel great pride, mixed with sorrow, as I announce my expected retirement from the position as president and CEO of ICL. Over the past seven years at this amazing organization, I have come to know our employees who give their heart and soul to the company. Together, we have turned ICL into an outstanding employer, a company that strives for innovation, and a place where everyone can influence success. We have nurtured our internal and global partnerships, as we have dealt with significant external challenges. Regardless, we have focused on continuous learning and improvement and can be proud of the strength of the company, which functions as a well-oiled machine – innovative, very profitable, robust, and focused, which generates consistently strong cash flow.

"Since taking office, I have been involved in all strategic and long-term planning, including succession planning for my role, and I will be parting ways with an even stronger company than the one I joined seven years ago. I am leaving the board of directors with a talented and strong management team, a solid organizational structure, and a promising five-year plan. I expect the selection and transition processes will be quick and will be completed by the release of our annual financial statements.

"Most of all, I want to thank my family – especially my wife Miri – who has supported me and helped me meet the very challenging demands of this role. May I know how to support her with the same total dedication."

"During Raviv's tenure, ICL has enjoyed unprecedented success across its key operations. The company's exceptional management team and employees – who have been the foundation of ICL's success for decades – have led significant disruption in the company's approach to innovation and sustainability. Under Raviv's leadership, the company has successfully executed against its strategy and significantly increased the profitability of its products," said ICL Chairman, Yoav Doppelt.

"Upon joining the company, Raviv quickly turned ICL into his second family, as strong relationships have always been highly regarded by all employees around the world. Despite the significant challenges and global crises during his tenure, he was able to lead the company wisely and calmly, while safeguarding its employees and assets. ICL's managers and employees have continued to build and develop the company on the basis of Raviv's initiatives, and as new technologies continue to proliferate, the company will maintain its focus on growing its product offerings around the world. The company's Board of Directors thanks Raviv for seven years of joint work and mutual appreciation, and I personally wish him success and prosperity in his future endeavors."

About ICL

ICL Group is a leading global specialty minerals company, which creates impactful solutions for humanity's sustainability challenges in the food, agriculture and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its global professional workforce, and its sustainability focused R&D and technological innovation capabilities, to drive the company's growth across its end markets. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 people worldwide, and its 2023 revenues totaled approximately $7.5 billion.

For more information, visit ICL's website at icl-group.com. To access ICL's interactive CSR report, visit icl-group-sustainability.com. You can also learn more about ICL on Facebook, LinkedIn, YouTube, X and Instagram.

Forward Looking Statements

This announcement contains statements that constitute forward-looking statements, many of which can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others.

Forward-looking statements appear in this press release and include, but are not limited to, statements regarding the company's intent, belief or current expectations. Forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, positioning, objectives and expectations, general economic, market and business conditions, supply chain and logistics disruptions, energy storage and electric vehicle growth, the potential for new COVID-19 variants, global unrest and conflict, governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, changes in environmental, tax and other laws or regulations and the interpretation thereof, and war or acts of terror and/or political, economic and military instability in Israel and its region, including the current state of war declared in Israel and any resulting disruptions to our supply and production chains. As a result of the foregoing, readers should not place undue reliance on the forward-looking statements contained in this press release concerning the timing of the transaction, or other more specific risks and uncertainties facing ICL, such as those set forth in the "Risk Factors" section of its Annual Report on Form 20-F filed on March 14, 2024, as such risk factors may be updated from time to time in its Current Reports on Form 6-K and other filings ICL makes with the U.S. Securities and Exchange Commission from time to time.

Forward-looking statements refer only to the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments or to publicly release any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

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