photo courtesy of Nutrien
These are boom times in the fertilizer market, with record prices amid strong demand. But the world’s largest producer is in disarray after losing two chief executive officers in less than a year, and investors are still waiting for an explanation for the latest departure.
The surprise recent exit of Nutrien Ltd. CEO Mayo Schmidt just eight months into the job has fueled concern about corporate governance at the Canadian company.“My concern is why does this keep happening,’’ said Brian Madden, senior vice president and portfolio manager at Toronto-based Goodreid Investment Council, which holds Nutrien shares. “It raises some questions about the board and governance. This is not something that comforts or inspires investors.’’
Nutrien declined to comment on the reason for Schmidt’s departure, though a spokesperson said the company has begun to search for a new CEO and will consider internal and external candidates.