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Business

Lonza CEO Borgas Out After Weak Results

by Michael McCoy
January 30, 2012 | APPEARED IN VOLUME 90, ISSUE 5

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.

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