In November 2018, Compass Minerals announced its board and Fran Malecha “mutually agreed” he would step down as president, CEO and board member. The change was effective immediately.
The newly named chairman of the board and interim CEO is Dick Grant, the lead independent director. Grant will hold the positions until a permanent announcement is made.
“Over the last several years, we have made progress toward building a balanced company for the future,” Grant said in a news release. “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.”
To find the company’s next CEO, a search committee has been assembled, which will also include the use of an executive search firm.