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K+S CEO to retire after contract runs out next year

Published 2016-03-10, 06:57 a/m
© Reuters. K+S CEO to retire after contract runs out next year
SDFGn
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POT
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FRANKFURT, March 10 (Reuters) - The embattled chief
executive of German fertiliser mining group K+S SDFGn.DE
expects to retire in May 2017 when his contract runs out, he
said on Thursday.
"I assume that I will move into retirement," CEO Norbert
Steiner told a press conference after the release of full-year
results, when asked about the end of his current contract next
year.
K+S has seen its share price drop almost 40 percent to 20.5
euros over the last six months and 8 percent over the last three
months, hurt by lower global potash prices.
Last year, CEO Steiner fended off a 41-euro-per share
takeover approach from larger Canadian rival Potash Corp
POT.TO , which withdrew its proposal in October.
German prosecutors are pressing charges against CEO Steiner
and 13 other K+S employees over suspected illegal waste water
disposal but the court has yet to decide whether the case will
go to trial.
"We will announce a successor in due course. The supervisory
board has not looked into the matter yet as far as I'm aware,"
Steiner said.

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