Executive Turmoil at Top Fertilizer Company Baffles Investors

These are boom times in the fertilizer market, with record prices amid strong demand. But the world’s largest producer is in disarray after losing two chief executive officers in less than a year, and investors are still waiting for an explanation for the latest departure.

The surprise exit this week of Nutrien Ltd. CEO Mayo Schmidt just eight months into the job has fueled concern about corporate governance at the Canadian company.

“My concern is why does this keep happening,’’ said Brian Madden, senior vice president and portfolio manager at Toronto-based Goodreid Investment Council, which holds Nutrien shares. “It raises ...