Loss of Nutrien execs worries EX-CFO

Exodus of top leaders from Sask. could have ripple effect: Brownlee

Nutrien Ltd.’s former chief financial officer is questioning the head of the company’s assertion that it “doesn’t really matter” where senior executives live, saying the loss of a major corporate headquarters could result in a “point of gravity” moving elsewhere.

Wayne Brownlee joined Potash Corp. of Saskatchewan Inc. ahead of its 1989 privatization and became its chief financial officer a decade later.

He also challenged Nutrien CEO Chuck Magro’s statement that the merger that created Nutrien — which he believes is sound — added $750 million to the province last year.

“My long-term concern is not just what the snapshot is today, in terms of what it looks like. What’s it going to look like in five years or 10 years?” said Brownlee, who left Nutrien in September, nine months after Potashcorp merged with Agrium Inc.

“I don’t think the issue is whether (Nutrien) is going away. I think it’s a question of what’s the level of participation you’re going to have in the economy and in the community, and how does that compare to what it would be if you had the head office here?”

Nutrien came under scrutiny late last year after the Saskatoon Starphoenix reported that all but one of its most senior executives live outside Saskatchewan, leading the provincial government and others to express fears about the loss of a major head office.

Multiple senior managers with ties to Potashcorp left Nutrien in the lead-up to and following the former Crown corporation’s merger with Agrium. Some, including Brownlee, have been replaced by leaders based in other cities, including Calgary.

Nutrien Ltd. has signed deal to buy Australian company Ruralco Holdings Ltd. for about $442 million.

Ruralco provides a wide range of services for Australian farmers.

Under the deal, Nutrien has agreed to pay $4.40 Australian dollars per Ruralco share for a total of about $469 million Australian dollars.

The Canadian company says Ruralco will add to its Landmark subsidiary in Australia.

The deal requires shareholder and regulatory approval from Australian regulators.