Compass Reports CEO Transition
Compass Minerals, Overland Park, Kan., announced Nov. 19 that the company’s board of directors and Fran Malecha have mutually agreed that Malecha will step down from his position as president, CEO and board member effective immediately. Dick Grant, lead independent director, will serve as chairman of the board and interim CEO until a permanent CEO is named.
“Over the last several years, we have made progress toward building a balanced company for the future,” said Grant, chairman and interim CEO. “The board remains committed to achieving best-in-class operational efficiency in our Salt business to maximize its cash generating capabilities and investing in our higher-growth, global Plant Nutrition business. We are now moving forward with a keen focus on execution in order to ensure we can drive value from these investments and deliver sustainable, long-term value creation for our shareholders.”
The board has appointed a search committee comprised of independent directors and will retain an executive search firm to assist with the search for the company’s new president and CEO. Both internal and external candidates will be considered. Upon appointment of the company’s new president and CEO, Grant will serve as non-executive chairman of the board.