PotashCorp Announces Selection of Jochen Tilk as Next President and CEO
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
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.
Investors Denita Stann Vice President, Investor and Public Relations Phone:
(306) 933-8521 Fax: (306) 933-8844 Email:firstname.lastname@example.org
Media Bill Johnson Senior Director, Public Affairs Phone: (306) 933-8849
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