Reuters — Fertilizer maker Mosaic’s James O’Rourke plans to step down from his position Dec. 31, ahead of his planned retirement next year, the company said on Aug. 29.
Shares of the top U.S. phosphate maker fell 1.7 percent in extended trading following the news.
Bruce Bodine, Mosaic’s senior vice-president of North America, is expected to take charge as the new chief executive officer in January next year, the company added. Bodine has been part of Mosaic since its formation in 2004.
O’Rourke has been at the helm of the company since 2015 and helped Mosaic cement its position as the leading phosphate maker through the acquisition of Vale’s fertilizer business.
O’Rourke plans to remain as a senior adviser with the company until his retirement in mid-2024.
Mosaic had missed second-quarter profit estimates earlier this month because of falling fertilizer prices.
