Nutrien, which is launching a worldwide seek for a long-term CEO, mentioned vice-president Ken Seitz will lead the corporate till Schmidt’s alternative is discovered.
“Nutrien has a gifted and deep government staff, and we’re assured that Ken Seitz and this staff will proceed to construct on the group’s file monetary and working efficiency,” chair Russ Girling said in the statement.
The chief had assumed the post in April 2021 after Chuck Magro resigned to pursue new profession alternatives. Earlier roles for the 30-year veteran of the agricultural enterprise included CEO of the Canada’s Viterra Inc and senior positions at ConAgra Grain Canada and Basic Mills. Schmidt additionally served as CEO of Hydro One Ltd.
“We have no idea why, and will by no means discover out (why Schmidt left),” wrote Scotiabank Analyst Ben Isaacson in a observe to purchasers Tuesday, by which he described it as a “weird” state of affairs coming so quickly after the earlier CEO’s departure.
“If the abrupt exit of Mr. Magro taught us something in any respect, it’s that Nutrien can be finest served by sharing with all of its stakeholders roughly what’s occurring and why. With out doing so, we may see a brand new overhang emerge resulting from lowered investor confidence within the board and management staff.”
The inventory fell about 3.6% in New York to $73.79 and 1.68% to C$93.48 at 10:23 a.m. in Toronto buying and selling.
Nutrien shares climbed greater than 50% final yr and the miner is on observe to submit file outcomes for the complete yr as fertilizer corporations profit from hovering demand from farmers and producers for vitamins. Nonetheless, its share efficiency lagged North American friends CF Industries Holdings Inc. and Mosaic Co. Mayo Schmidt.
Extra to come back…
(With recordsdata from Bloomberg)