Compass Minerals eliminates some management positions
05/29/2013 5:20 PM
05/29/2013 5:21 PM
Compass Minerals on Wednesday announced a reorganization of its senior management team that eliminates several positions.
The Overland Park company, the largest producer of highway de-icing salt and other mineral products, did not specify how many managers had been let go. Compass said it would incur a charge for severance packages, but “the annualized cost savings are expected to exceed the one-time charge.”
Shares in Compass closed Wednesday at $87.66, down $1.30, or 1.5 percent.
The company said six senior executives would report directly to Fran Malecha, president and chief executive officer.
“This simplified structure and leaner management is designed to produce a more efficient and focused organization,” Malecha said in a statement. “Our goal is to drive continuous improvement in both our execution and competitive position.”
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