Compass Minerals Eliminates 10% of Corporate Workforce

Dow Jones03-25

By Kelly Cloonan

Compass Minerals International said it is cutting 10% of its corporate workforce and shuttering its fire-retardant business, the latest efforts by the mineral provider to cut costs.

The combined actions, effective immediately, eliminate nearly 50 positions, the company said Tuesday.

Going forward, the company said it wouldn't fill certain open and budgeted roles to further control costs.

The company plans to focus on its core salt and plant-nutrition businesses, and will continue to identify opportunities to reduce costs across its business, including in its contracts and operations.

The company estimates that run-rate cost savings in 2024 would be between $11 million and $13 million, assuming the workforce reduction had occurred at the beginning of the year.

The company also named Chief Sales Officer Benjamin Nichols as chief commercial officer, effective March 25. Nichols will receive a base salary of $435,000 per year and will be eligible for an annual target bonus of 75% of his base salary, according to a filing with the Securities and Exchange Commission.

Meanwhile, Jennifer Hood will no longer serve as the company's chief supply chain officer, effective March 25.

Nichols's new role merges the responsibilities of both the chief sales officer and chief supply chain officer.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

March 25, 2025 17:08 ET (21:08 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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