cut ties with chief executive officer Mayo Schmidt after a culture clash over his imperious leadership style, his sluggishness in getting things done and friction involving his chief of staff, according to three sources.
Mr. Schmidt did not respond to a request for comment. Megan Fielding, a spokesperson for Nutrien, declined comment. The Generation-X Mr. Magro had a very different management style from the boomer Mr. Schmidt. Mr. Magro fostered a strong team spirit within the management ranks. And after close to a decade running Agrium and then Nutrien, he’d amassed a loyal group of acolytes internally. He was well liked also within Bay Street’s clubby analyst community.
When Mr. Schmidt was named CEO, the announcement did not indicate it was anything other than a long-term appointment. But the board intended his tenure to last only two years, something Nutrien disclosed in a regulatory filing last month. In fact, near the top of Mr. Schmidt’s to-do list was to help find his successor, three sources familiar with the matter said.
At Nutrien, Ms. Lalli was seen by some to overreach on her responsibilities, the sources said. Mr. Schmidt’s decision to allow her to participate in strategy and corporate development meetings was also not well-received, they said.As the months went by, many top managers who had been loyal to the affable Mr. Magro found themselves clashing with the brusque Mr. Schmidt. “A lot of people had trouble getting along with Mayo,” BMO’s Mr. Jackson said.
In an environment where a once-in-a-generation bull market was in motion, this caused great frustration at the board level, the two sources said. For the most part though, Nutrien has stayed silent, only hinting at the tension behind the scenes over the departure of Mr. Schmidt.
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