Tilk to assume CEO role in July
2014; Doyle to continue as Senior Advisor until June 2015, allowing for planned and seamless
transition
Listed: TSX, NYSE Symbol: POT
SASKATOON,
April 6, 2014 /CNW/ - Potash
Corporation of Saskatchewan Inc. (PotashCorp) today announced that
the Board of Directors has appointed Jochen
Tilk as President and CEO, effective July 1, 2014.
After 27 years of dedicated service - during
which PotashCorp grew to become the world's largest crop nutrient
company - Bill Doyle will step down
as President and CEO, but remain employed with the company as a
Senior Advisor through June 2015.
"We're pleased to announce Jochen Tilk as the next President and CEO of
PotashCorp. Jochen is known for his focus on operational
excellence and disciplined growth, and the entire Board agreed he
was the right person to lead the company forward," said
Dallas Howe, Chairman of the Board.
"The Board undertook a rigorous, three-year selection process for
the new CEO that included the use of international executive search
firms and a review of both internal and external candidates."
"Jochen's successful track record, his
reputation among peers and commitment to the industry made him the
ideal candidate to serve our customers and lead PotashCorp through
our next phase of growth," said Bill
Doyle.
Tilk comes to PotashCorp after a 30-year career
in the mining industry, most recently serving as President and CEO
of Inmet Mining. He was instrumental in helping grow that company's
market capitalization by 5,000 percent and highly regarded by
industry colleagues, employees and customers. Throughout his career
he has earned a reputation for operational excellence, and in his
previous role he developed - through asset optimization, organic
growth and strategic acquisitions - a portfolio of facilities that
was recognized as a leader in quality and cost. Along with these
proven accomplishments, Tilk also made safety a top priority,
fostering a "zero compromise" safety culture.
"The entire Board of Directors wishes to express
its thanks to Bill Doyle for his
long service as President and CEO, and his input during the
succession process," said Howe. "Bill has been an exceptional CEO
for PotashCorp and, under his leadership over the past 15 years,
PotashCorp was transformed into the global leader it is today. We
look forward to Bill's continued involvement and counsel as Senior
Advisor to our new CEO and the Board."
"It's been a real privilege to have served
PotashCorp for 27 years. The company is in great shape and I am
more enthusiastic about the future than I have ever been,
especially with the addition of Jochen
Tilk," said Doyle. "PotashCorp has the best people, the best
assets in the business and excellent long-term growth prospects. As
the world's largest producer of crop nutrients, we will continue to
play an important role in improving global food security."
"I'm honored to join the PotashCorp team and
look forward to getting to know our employees, community members,
investors, customers and other stakeholders," said Jochen Tilk, CEO designate. "PotashCorp has
grown and benefitted enormously under Bill's leadership and the
strategies that have created tremendous long-term value. I share
his philosophy for running the company and plan to build on this
strong foundation. I'm excited about the potential for PotashCorp
and look forward to moving to Saskatoon to take up my new duties."
About PotashCorp
PotashCorp is the world's largest crop
nutrient company and plays an integral role in global food
production. The company produces the three essential nutrients
required to help farmers grow healthier, more abundant crops. With
global population rising and diets improving in developing
countries, these nutrients offer a responsible and practical
solution to meeting the long-term demand for food. PotashCorp is
the largest producer, by capacity, of potash and among the largest
in nitrogen and phosphate. While agriculture is its primary market,
the company also produces products for animal nutrition and
industrial uses. Common shares of Potash Corporation of
Saskatchewan Inc. are listed on the Toronto Stock Exchange and the
New York Stock Exchange.
This release contains forward-looking
statements or forward-looking information (forward-looking
statements). These statements can be identified by expressions of
belief, expectation or intention, as well as those statements that
are not historical fact. These statements often contain words such
as "should", "could", "expect", "may", "anticipate", "believe",
"intend", "estimates", "plans" and similar expressions. These
statements are based on certain factors and assumptions including
with respect to: the funding of the redemption price for the Notes.
While the company considers these factors and assumptions to be
reasonable based on information currently available, they may prove
to be incorrect. Forward-looking statements are subject to risks
and uncertainties that are difficult to predict. The results or
events set forth in forward-looking statements may differ
materially from actual results or events. Several factors could
cause actual results or events to differ materially from those
expressed in the forward-looking statements, including, but not
limited to, the following: variations from our assumptions with
respect to foreign exchange rates, expected growth, results of
operations, performance, business prospects and opportunities and
effective tax rates; risks and uncertainties related to operating
and workforce changes made in response to our industry and the
markets we serve; changes in competitive pressures, including
pricing pressures; risks and uncertainties related to our
international operations and assets; fluctuations in supply and
demand in the fertilizer, sulfur, transportation and petrochemical
markets; costs and availability of transportation and distribution
for our raw materials and products, including railcars and ocean
freight; adverse or uncertain economic conditions and changes in
credit and financial markets; the results of sales contract
negotiations within major markets; unexpected geological or
environmental conditions, including water inflows; economic and
political uncertainty around the world; risks associated with
natural gas and other hedging activities; changes in capital
markets; unexpected or adverse weather conditions; changes in
currency and exchange rates; imprecision in reserve estimates;
adverse developments in new and pending legal proceedings or
government investigations; acquisitions we may undertake; increases
in the price or reduced availability of the raw materials that we
use; strikes or other forms of work stoppage or slowdowns; timing
and impact of capital expenditures; rates of return on, and the
risks associated with, our investments and capital expenditures;
changes in, and the effects of, government policies and
regulations; security risks related to our information technology
systems; risks related to reputational loss; and earnings and the
decisions of taxing authorities which could affect our effective
tax rates. Additional risks and uncertainties can be found in our
Form 10-K for the fiscal year ended December
31, 2013 under the captions "Forward-Looking Statements" and
"Item 1A - Risk Factors" and in our other filings with the US
Securities and Exchange Commission and the Canadian provincial
securities commissions. Forward-looking statements are given only
as at the date of this release and the company disclaims any
obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE Potash Corporation of Saskatchewan Inc.