Agricultural giant fired its chief twice in less than 12 months
paid a combined US$32.7-million to former CEOs Chuck Magro and Mayo Schmidt since the beginning of 2021, illustrating the high cost of the company’s executive-suite revolving door.
On Jan. 4, Nutrien said Ken Seitz, formerly the head of its potash fertilizer operations, would become its interim president and CEO. Mr. Magro left in April of last year after advocating for Nutrien to sell its low-margin retail fertilizer business in order to free up cash for a joint venture with Australia’s BHP Group Ltd. on the multibillion-dollar Jansen potash project in Saskatchewan. Nutrien’s board was loath to sell the retail business, which it viewed as much steadier financially than the volatile potash business. The strategic face-off cost Mr. Magro his job, and catapulted Mr. Schmidt from chairman into the CEO role.
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