Mosaic Shakes Up Leadership as Clint Freeland Steps Down; Q3 Results Disappoint

The Mosaic Company (MOS) announced a major leadership transition and disclosed third-quarter results that fell short of market expectations. The company confirmed that Clint Freeland, serving as Executive Vice President and Chief Financial Officer, will step down from his position following a transition period. Effective November 18, 2024, Luciano Siani Pires joined the company as CFO designate, assuming full responsibilities as Executive Vice President and Chief Financial Officer on January 1, 2025. Clint Freeland will remain with the organization as a senior advisor through July 1, 2025 to ensure a smooth handover of responsibilities.

Q3 Financial Performance Misses Market Targets

For the third quarter of 2024, Mosaic posted net earnings of $122.2 million, or $0.38 per share, rebounding from a net loss of $0.01 per share in the same quarter of 2023. However, when excluding special items, adjusted earnings reached only $0.34 per share—significantly trailing analyst expectations of $0.54 per share as polled by Thomson Reuters. Revenue declined sharply by 21 percent, falling to $2.81 billion from $3.55 billion year-over-year. Analysts had anticipated quarterly revenues of approximately $3.17 billion, making the actual outcome a notable disappointment across both profit and sales metrics.

Strategic Cost Management and Capital Allocation

Despite the challenging quarter, Mosaic continues advancing its strategic cost reduction initiative first announced in 2024. The company maintains its position to reach the targeted $150 million run-rate cost savings by the conclusion of 2025, when measured against 2023 baseline figures. Additionally, Mosaic is successfully executing its capital discipline strategy, with plans to reduce 2024 capital expenditures by $200 million compared to 2023 levels. These operational measures underscore management’s commitment to improving financial efficiency and strengthening the company’s competitive positioning.

New Leadership Brings Mining Industry Expertise

Luciano Siani Pires brings substantial financial and operational experience to the role, having previously served on Mosaic’s Board of Directors. His appointment represents a strategic continuity, as he comes to the position with distinguished credentials from Vale S.A., the global mining conglomerate, where he held the Chief Financial Officer position. This background positions Siani Pires well to guide Mosaic through ongoing market adjustments and strategic execution. Clint Freeland’s tenure concludes a significant period of leadership, with his transition carefully structured to maintain operational momentum and strategic alignment during the management changeover.