Appoints Dick Grant as Chairman and Interim CEO
OVERLAND PARK, Kan.--(BUSINESS WIRE)--
Compass Minerals (NYSE:CMP) announced today that the company’s Board of
Directors and Fran Malecha have mutually agreed that Malecha will step
down from his position as president, CEO and board member effective
immediately. Dick Grant, lead independent director, will serve as
chairman of the board and interim CEO until a permanent CEO is named.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20181119005223/en/
Richard Grant, Compass Minerals Interim CEO (Photo: Business Wire)
“Over the last several years, we have made progress toward building a
balanced company for the future,” said Dick Grant, chairman and interim
CEO. “The board remains committed to achieving best-in-class operational
efficiency in our Salt business to maximize its cash generating
capabilities and investing in our higher-growth, global Plant Nutrition
business. We are now moving forward with a keen focus on execution in
order to ensure we can drive value from these investments and deliver
sustainable, long-term value creation for our shareholders.”
The company’s Board of Directors has appointed a search committee
comprised of independent directors and will retain an executive search
firm to assist with the search for the company’s new president and CEO.
Both internal and external candidates will be considered. Upon
appointment of the company’s new president and CEO, Dick Grant will
serve as non-executive chairman of the board.
About Compass Minerals
Compass
Minerals is a leading provider of essential minerals that solve
nature’s challenges, including salt for winter roadway safety and other
consumer, industrial and agricultural uses, and specialty plant
nutrition minerals that improve the quality and yield of crops. The
company produces its minerals at locations throughout the U.S., Canada,
Brazil and the U.K., operating 22 production facilities and employing
more than 3,000 personnel worldwide. Compass Minerals’ mission is to be
the best essential minerals company by safely delivering where and when
it matters. For more information about Compass Minerals and its
products, please visit www.compassminerals.com.
This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including without limitation statements about the company’s ability to
achieve efficiencies and higher growth, maximize capabilities, drive
value and deliver value creation. We use words such as “may,” “would,”
“could,” “should,” “will,” “likely,” “expect,” “anticipate,” “believe,”
“intend,” “plan,” “forecast,” “outlook,” “project,” “estimate” and
similar expressions suggesting future outcomes or events to identify
forward-looking statements or forward-looking information. These
statements are based on the company’s current expectations and involve
risks and uncertainties that could cause the company’s actual results to
differ materially. The differences could be caused by a number of
factors, including without limitation (i) weather conditions, (ii)
pressure on prices and impact from competitive products, (iii) any
inability by the company to fund necessary capital expenditures or
successfully implement any capital projects, (iv) foreign exchange rates
and the cost and availability of transportation for the distribution of
the company’s products, (v) any inability by the company to successfully
implement its cost savings initiatives, and (vi) impacts of the Goderich
mine strike, including any work stoppages or slowdowns. For further
information on these and other risks and uncertainties that may affect
the company’s business, see the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of the company’s Annual Report on Form 10-K for the
year ended December 31, 2017, and Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2018 and June 30, 2018 and September 30, 2018,
filed with the SEC. The company undertakes no obligation to update any
forward-looking statements made in this press release to reflect future
events or developments. Because it is not possible to predict or
identify all such factors, this list cannot be considered a complete set
of all potential risks or uncertainties.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181119005223/en/
Media Contact
Tara Hefner
Director of Corporate Affairs
+1.913.344.9319
MediaRelations@compassminerals.com
Investor Contact
Theresa Womble
Director of Investor
Relations
+1.913.344.9362
womblet@compassminerals.com
Source: Compass Minerals