Nutrien Ltd. announced early Tuesday that Mayo Schmidt has left his roles as president and chief executive of the crop nutrient company and also stepped down from its board of directors. No reason was given for his exit and a spokesperson declined to provide details, citing legal constraints on what can be disclosed.
Schmidt was named chief executive last April after Chuck Magro resigned to pursue new career opportunities.
“We do not know why, and may never find out (why Schmidt left),” wrote Scotiabank Analyst Ben Isaacson in a note to clients Tuesday, in which he described it as a “bizarre” situation coming so soon after Magro’s departure.
“If the abrupt exit of Mr. Magro taught us anything at all, it’s that Nutrien would be best served by sharing with all of its stakeholders roughly what’s going on and why. Without doing so, we could see a new overhang emerge due to reduced investor confidence in the board and leadership team.”
Nutrien said Tuesday that it appointed Ken Seitz as interim chief executive. He had been serving as executive vice-president and chief executive of the company’s potash business.
“Nutrien has a talented and deep executive team, and we are confident that Ken Seitz and this team will continue to build on the organization’s record financial and operating performance,” said Nutrien Chair Russ Girling in a news release.
He added that a global search will be launched to identify Nutrien’s next “long-term leader.”
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