Nutrien CEO exits less than a year in job

Nutrien Ltd. chief executive officer Mayo Schmidt has abruptly left the company and resigned from its board after less than a year in the top job at the world’s largest fertilizer maker.

Nutrien, which is launching a global search for a long-term CEO, didn’t disclose reasons for Schmidt’s exit.

“We cannot comment on the specific details of his departure, as there are legal constraints on what we can say,” spokesperson Megan Fielding said in an email to Bloomberg News. “This change will not impact the strategic direction of the company.”

Scotia Capital Inc. analysts led by Ben Isaacson called the exit “abrupt” and “bizarre.”

“Investors are likely to penalize NTR due to perceived dysfunction at the board and senior leadership levels,” he wrote in a note, referring to Nutrien’s stock ticker. “Accordingly, we expect the stock to come under pressure near term.”

Ken Seitz, executive vice-president and CEO of Potash, has been named interim CEO, the Saskatoon, Sask.-based company said Tuesday in a statement. Seitz joined Nutrien in 2019 and has more than 25 years of global management experience, the company said.

Nutrien’s stock rose more than 50 per cent last year and the company is on track to post record results for the full year as fertilizer companies benefit from soaring demand from farmers and producers for nutrients. Still, its share performance lagged North American peers CF Industries Holdings Inc. and Mosaic Co.

Schmidt was named CEO in April, replacing Chuck Magro as he stepped down to pursue other opportunities.