Lonza CEO Borgas Out After Weak Results

Swiss fine chemicals maker Lonza has decided to dismiss its CEO, Stefan Borgas, after disappointing 2011 financial results. Borgas, a former BASF executive, had led the firm since 2004, most recently spearheading the acquisition of Arch Chemicals for $1.4 billion. But last week the firm reported a net income for 2011 of only about $167 million before the Arch purchase, roughly half its 2010 earnings. “In the challenging years ahead Lonza will enter a period of focus and improvement of return on capital,” says Board Chairman Rolf Soiron, who will lead Lonza until a new CEO is found.