Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Fertilizer maker Mosaic’s CEO James O’Rourke would step down from his position effective Dec 31, ahead of his planned retirement next year, the company said on Tuesday.
Shares of the top US phosphate maker fell 1.7% in extended trading.
Bruce Bodine, Mosaic’s senior vice president of North America, would take charge as the new CEO in January next year, the company added. Bodine has been part of Mosaic since its formation in 2004.
O’Rourke has been at the helm of the company since 2015 and helped Mosaic cement its position as the leading phosphate maker through the acquisition of Vale SA’s fertilizer business.
O’Rourke would remain as a senior advisor with the company till his retirement in mid-2024.
Mosaic had missed second-quarter profit estimates earlier this month due to falling fertilizer prices.
(By Sourasis Bose; Editing by Shailesh Kuber)
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