Nutrien appoints Ken Seitz new CEO
Nutrien appoints Ken Seitz new CEO
CANADA — Nutrien Ltd, the world’s largest potash fertilizer producer, has named Ken Seitz president and chief executive officer, succeeding Mayo Schmidt, who left the company in January after only eight months at the helm.
Seitz has more than 25 years of global management experience and has been serving as interim CEO since January following the unexpected resignation of Mayo Schmidt.
Earlier, he was executive vice president and CEO of potash at Nutrien, prior to which, he was president and CEO of Canpotex Ltd. He also has worked at Cameco Corp., Encana Corp. and PanCanadian Energy.
“Mr. Seitz strongly aligned to our comprehensive leadership needs given his extensive international experience in our industries, passionate connection to our purpose, efficacy in driving our stated strategy and personal commitment to employee safety and an inclusive workplace,” said Russ Girling, chair of the Nutrien board of directors.
“Additionally, Mr. Seitz demonstrated proven performance in an interim role this year receiving an extensive range of positive feedback from our stakeholders. The board has every confidence Mr. Seitz is the right leader to drive our strategy forward.”
Under Schmidt and Seitz, Nutrien boosted potash sales and was examining restarting idled mine capacity to raise production further to capitalize on high prices
Seitz said in the release that Nutrien is extremely well positioned to help meet the global goals of food security and climate action, partnering across the food system.
Under Schmidt and Seitz, Nutrien boosted potash sales and was examining restarting idled mine capacity to raise production further to capitalize on high prices, as the company seeks to expand its Canadian potash production by 20% by 2025.
Fertilizer companies have been raking in profits due to sanctions against Russia and Belarus, the world’s second- and third-largest potash fertilizer suppliers after Canada.
The soaring prices of potash fertilizer, due to rising demand and supply problems for Nutrien competitors, have put a charge into the company’s profits, earning a record US$3.6 billion in the second quarter, more than tripling profit from a year earlier.
However, the world’s largest fertilizer producer has lowered its full-year adjusted profit forecast as it expects higher natural gas costs to hurt its nitrogen business.
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