PotashCorp names Jochen Tilk as company’s new CEO

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SASKATOON – The Potash Corporation of Saskatchewan Inc. (TSX:POT) is bringing in a new president and CEO.

The company says Jochen Tilk will take over from current CEO Bill Doyle effective July 1.

Tilk boasts a 30 year career in the mining industry, most recently serving as CEO of Inmet Mining.

The company came under fire last year after it announced it was laying off more than one-thousand people, including 440 in Saskatchewan. PotashCorp blamed the cuts on soft demand for potash and phosphates, two major types of crop fertilizer.

Premier Brad Wall blasted the company for cutting the jobs while saying shareholder dividends were sacrosanct. He said tough times shouldn’t be shouldered by workers alone.

Potash Corp announced in January that its fourth-quarter profit dropped to US$230 million _ down 45 per cent from a year earlier as it took hits from lower fertilizer prices and downsizing.

“Jochen is known for his focus on operational excellence and disciplined growth, and the entire Board agreed he was the right person to lead the company forward,” said Dallas Howe, board chairman.

The company says Doyle will stay on as an advisor until next year.

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