March 10, 2016 / 12:01 PM / 2 years ago

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

FRANKFURT, March 10 (Reuters) - The embattled chief executive of German fertiliser mining group K+S 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 , 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. (Reporting by Patricia Weiss; Writing by Ludwig Burger; Editing by Arno Schuetze)

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