- After about five years in the position
- Praise for Crutchfield
- Ed Dowling taking over
(exechange) — Overland Park, Kansas, January 16, 2024 — This news came shortly after Martin Luther King Jr. Day. Kevin Crutchfield, chief executive of Compass Minerals, leaves his position. As announced by Compass Minerals International Inc. in a news release and in a regulatory filing published on Tuesday, January 16, 2024, Kevin S. Crutchfield leaves his post as chief executive officer at the provider of minerals, after about five years in the role, effective January 17, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Kevin Crutchfield’s duties as CEO will be taken over by Edward C. (Ed) Dowling, a former Chief Executive Officer at Alacer Gold Corp.
Already a director
Dowling has already been a member of the board of directors of Compass Minerals. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Dowling understands the expectations and dynamics of the board and has knowledge of Compass Minerals’s organization, risk-management practices and strategy.
“Renew our focus on reducing costs”
Compass Minerals did not give an explicit reason for Kevin Crutchfield’s departure from the CEO post. Joe Reece, non-executive chairman of the board, stated: “As Compass Minerals enters its next chapter, our board looks forward to leveraging Ed’s deep leadership experience and perspectives as we renew our focus on reducing costs, driving positive free cash flow and generating sustained value through our unique set of advantaged assets.”
Precise information regarding Kevin Crutchfield’s future plans was not immediately available.
“Step down”
Compass Minerals said: “Dowling succeeds Kevin S. Crutchfield, who will step down from his position as the company’s president, CEO and member of the board, effective end-of-day Jan. 17, 2024.”
Share price decline since May 2019
The announcement follows a decline in Compass Minerals International Inc.’s share price of 63% since May 2019. May 2019 is the month in which Crutchfield’s tenure as CEO began.
In the position of CEO since 2019
Kevin Crutchfield became CEO of the Company in 2019.
Crutchfield will continue to serve in a consulting capacity through the end of the fiscal year to help ensure a smooth transition.
Kevin S. Crutchfield, President and Chief Executive Officer and Director, joined Compass Minerals and assumed his current position in May 2019.
Crutchfield also serves as member of the Company’s Board of Directors.
Prior to joining Compass Minerals, Crutchfield served as CEO and member of the board of directors of Alpha Metallurgical Resources, Inc. (f/k/a Contura Energy, Inc.), a publicly traded, leading coal supplier, since the company’s inception in 2016.
Previously, he served as CEO from 2009 to 2016 and chairman from 2012 to 2016 of Alpha Natural Resources, Inc., a coal producer. From 2003 to 2009, he held roles of increasing responsibility at Alpha Natural Resources.
Prior to Alpha Natural Resources, Crutchfield spent over 15 years working at El Paso Corporation, a natural gas and energy provider, as well as other coal and gas producers.
He also previously served on the Board of Directors of Couer Mining Inc.
No statement by Kevin Crutchfield
In the release announcing his departure as CEO of Compass Minerals International Inc., Kevin Crutchfield received praise.
The announcement of his departure as CEO does not include a statement by Kevin Crutchfield.
Push-out Score for Kevin Crutchfield’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Kevin Crutchfield’s move on a scale of 0 to 10.
Read the full story in the exechange report 4.2024 ($).