Nutrien makes surprise CEO switch again despite strong profits
Canada's Nutrien, the world's biggest fertiliser producer by capacity, surprised investors by replacing its chief executive on Tuesday for the second time in eight months, even as the company rakes in strong profits.
Nutrien said in a statement that it named Ken Seitz, the head of its potash business, as interim chief executive after Mayo Schmidt stepped down as CEO. The company gave no reason for Schmidt's departure and spokesperson Megan Fielding said there are "legal constraints" on what Nutrien can say about it.
Fielding said the leadership change will not affect Nutrien's strategy.
"It's mighty perplexing to me," said Brian Madden, senior vice-president at Goodreid Investment Counsel, a Nutrien shareholder. "Feels like lightning striking twice in the same place to see two peculiar, abrupt transitions within a year."
Soaring prices of potash fertilizer, due to rising demand and supply problems for Nutrien competitors, have put a charge into the company's profits. Its third-quarter net income was the highest for that period in the company's four-year history, since forming from Agrium's acquisition of Potash Corp.
Under Schmidt and Seitz, Nutrien boosted potash sales and was examining restarting idled mine capacity to raise production further to capitalize on high prices.
Nutrien's US-listed shares dropped 3.8%. The change raised investor questions about senior leadership dysfunction and strategy at the company, said Scotiabank analyst Ben Isaacson.
Nutrien's board is chaired by Russ Girling, a former CEO at pipeline company TC Energy and also includes former Barrick Gold CEO Aaron Regent.
Schmidt, Nutrien's former chairman, took the CEO job in April, replacing Chuck Magro. Schmidt did not respond to requests for comment.
Seitz joined Nutrien as executive vice president in charge of potash operations in 2019. He previously led Canpotex, a potash export company owned by Nutrien and Mosaic Co.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
















