Nutrien CEO Schmidt quits lower than a yr into the job

Nutrien, which is launching a world seek for a long-term CEO, mentioned vice-president Ken Seitz will lead the corporate till Schmidt’s substitute is discovered.

“Nutrien has a gifted and deep government crew, and we’re assured that Ken Seitz and this crew will proceed to construct on the group’s file monetary and working efficiency,” chair Russ Girling mentioned within the assertion.

Schmidt had assumed the publish 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 Common 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 word to purchasers Tuesday, through 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 greatest served by sharing with all of its stakeholders roughly what’s occurring and why. With out doing so, we might see a brand new overhang emerge as a consequence of decreased investor confidence within the board and management crew.”

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 monitor to publish file outcomes for the total 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 (NYSE: MOS).

(With information from Bloomberg)

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