WILMINGTON – Corteva, the worldwide agricultural chemical and seed firm that spun out of DowDuPont, has named Chuck Magro, the previous CEO of a significant Canadian fertilizer firm, as its subsequent CEO, the corporate introduced Thursday.
Magro, the previous president and CEO of 3-year-old Nutrien, the world’s largest producer of potash and the third largest producer of nitrogen fertilizer, will take over the reins at Corteva on Nov. 1 whereas additionally becoming a member of the board. He succeeds James “Jim” Collins Jr., who ran the corporate because it spun out of the transient Dow-DuPont marriage in 2019.
Corteva introduced in June that Collins would retire on the finish of the yr and that it was conducting an exterior seek for his successor. He has spent 37 years with Corteva, headquartered close to Wilmington, and its predecessors DuPont and DowDuPont.
“Because of Jim’s efforts and clear imaginative and prescient, Corteva has the tradition, capabilities, and technique in place to capitalize on its distinctive worth creation alternative shifting ahead. We’re particularly grateful that he’ll work with Chuck to assist guarantee a clean transition,” Greg Web page, the corporate’s unbiased chairman, stated in an announcement.
Collins’ departure comes after a tumultuous time for the corporate and its chief government, nevertheless, as he was focused by withering criticism from the main activist funding agency Starboard Worth LP earlier this yr. Calling Collins’ efficiency in creating worth for shareholders “extremely disappointing,” Starboard reportedly recognized a worthy substitute to the corporate.
Corteva’s board backed the embattled CEO although, defending his efficiency and steeling itself for a looming proxy battle with Starboard. By March although, and with a surprisingly good fourth quarter earnings report in tow, Starboard dropped its calls to interchange Collins in an settlement that additionally secured three board seats for its chosen appointees.
In Magro, Corteva is getting a chief government with substantial expertise within the business, operating an organization that holds a market capitalization almost $18 billion bigger than its personal. He served on the helm of Nutrien from when it was fashioned in 2018 with the merger of Agrium and PotashCorp till April, when he resigned – possible as negotiations with Corteva have been heating up. He was CEO at Agrium for 4 years earlier than the 2018 merger.
Magro held quite a lot of different senior roles at Agrium earlier than changing into CEO, reminiscent of chief working officer, chief threat officer, government vice chairman of company growth, and vice chairman of producing. He joined Agrium in 2009 following a profession with NOVA Chemical compounds.
“Chuck has an in depth, confirmed observe document driving worthwhile progress by means of innovation and execution within the agriculture business. Throughout almost a decade of robust management at Nutrien and its predecessor Agrium, Chuck led the creation and integration of the world’s largest crop inputs, providers, and options firm and established a tradition with a transparent dedication to operational excellence and advancing sustainable agriculture options,” Web page stated in an announcement. “Our board is assured that he’s the suitable chief to hold our robust momentum ahead and create vital near- and long-term shareholder worth.”
Magro stated that Corteva “has established itself because the premier world agricultural know-how firm” and he’s “excited to construct on the momentum” of the corporate’s first years.
“With an unparalleled custom of innovation, exceptionally robust buyer relationships, and sustainability on the core of its enterprise, we now have an unimaginable alternative to speed up Corteva’s progress and worth creation. Corteva is ideally geared up to advance the transformation of agriculture, serving to farmers turn into extra productive and sustainable and enabling us to feed a rising inhabitants whereas discovering new methods to guard the planet. I can’t wait to get began,” he stated in an announcement.
Buyers have been seemingly happy with Magro’s choice and Corteva’s current stable third quarter earnings, pushing share costs up 2% in early buying and selling Thursday.