Compass Minerals Announces Departure of Chief Financial Officer
April 25 2017 - 4:14PM
Business Wire
Vice president and treasurer will serve as
interim CFO
Compass Minerals (NYSE:CMP) announced today that effective
immediately its chief financial officer, Patrick “Doug” Linehan, is
departing the company due to unforeseen personal circumstances.
Linehan’s departure involves no disputes with the company or issues
regarding accounting practices, financial statements or
operations.
Concurrently, James “Jamie” Standen, vice president, finance and
treasurer, has been named interim CFO and treasurer.
“While we are disappointed by Doug’s departure, I am confident
that Jamie has the depth of experience to provide us the strategic
financial leadership and continuity we need at this juncture as we
look to strengthen our balance sheet and improve earnings,” stated
Fran Malecha, Compass Minerals president and CEO. “Jamie has been
integral in leading the integration of our recent Brazilian
acquisition as the finance leader for the Plant Nutrition South
America segment. Furthermore, with his strong financial acumen and
extensive capital markets knowledge, he has created significant
financial flexibility within the company’s capital structure to
support the execution of our strategic vision and is well-known and
respected by our external and internal stakeholders.”
The company will immediately begin a process to identify a
permanent CFO, which will include internal and external
candidates.
Standen joined Compass Minerals in 2006 as assistant treasurer
and has held positions of increasing responsibility since that
time. In addition to his leadership of the Plant Nutrition South
America finance function, Standen currently leads all capital
market transactions, manages all commercial banking relationships,
oversees financial risk management and the corporate financial
planning and analysis team and serves on the company’s investment
committee. Prior to joining Compass Minerals, Standen spent six
years in various finance roles at Kansas City Southern Railway
Company.
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. Named one of Forbes’ 100 Most Trustworthy Companies
in America in 2015 and 2016, Compass Minerals’ mission is to be the
best essential minerals company by delivering where and when it
matters. The company produces its minerals at locations throughout
the U.S., Canada, Brazil and the U.K. 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. 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 those factors
identified in the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of the company’s Annual and Quarterly Reports on Forms 10-K and
10-Q. The company undertakes no obligation to update any
forward-looking statements made in this press release to reflect
future events or developments.
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version on businesswire.com: http://www.businesswire.com/news/home/20170425006766/en/
Compass MineralsInvestor ContactTheresa Womble,
+1-913-344-9362Director of Investor
Relationswomblet@compassminerals.comorMedia ContactTara
Hart, +1-913-344-9319Manager of Corporate
AffairsMediaRelations@compassminerals.com
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