A shake-up at the top of Mosaic’s administration, prompted by an anticipated medical leave of absence for CEO James Prokopanko, includes the visionary for Streamsong Resort being promoted to chief financial officer.
Richard Mack, the Mosaic official largely credited with the vision to create and build Streamsong, assumed his new duties on June 1.
He is replacing Lawrence W. Stranghoener, who will take on the role of interim CEO, and then is expected to retire at the end of the year. Stranghoener has served as Mosaic’s executive vice president and chief financial officer since the company’s formation in 2004.
All have been familiar faces in the Fort Meade area in recent years as the company built and opened Streamsong on 16,000 acres of reclaimed phosphate land.
Mack, currently executive vice president, general counsel and corporate secretary, has served as Mosaic’s general counsel since the company’s launch in 2004 and has 20 years of experience in the crop nutrition industry.
In the decade prior to Mosaic’s formation, he served in various capacities at Cargill, Inc., where he played an instrumental role in the negotiations that created Mosaic and served as a founding executive of the company.
In addition to his general counsel responsibilities, Mack provides oversight of the company’s phosphate mine permitting and land activities, heads Mosaic’s enterprise risk management initiatives and serves on the board of directors of Ma’aden Wa’ad Al Shamal Phosphate Co.
He holds a bachelor’s degree in accounting from Minnesota State University-Moorhead, a juris doctor from Hamline University School of Law and an MBA from the Kellogg School of Management at Northwestern University.
“I am very proud of the exceptional team and business we have built over the past decade at Mosaic and appreciate Jim’s and the Board’s confidence in me,” Stranghoener said. “Rich will be an excellent CFO for this company. He is a gifted strategic thinker, has been an exceptional partner on virtually every important finance matter impacting Mosaic over the past 10 years and has a proven talent for getting things done. I am honored to step in until Jim’s return. I look forward to supporting Rich’s transition into his new role and then enjoying the opportunity to spend more time with my family and pursuing my other passions during retirement.”
“Larry is leaving very big shoes to fill,” said Mack. “His leadership has been integral to every meaningful step Mosaic has taken — from our newly formed, noninvestment grade days to the fully independent, high-performing company we are today, focused on growth and creating shareholder value. I am looking forward to his continued good counsel and appreciate the confidence of the Board, Jim and the rest of Mosaic’s leadership team.”
It it is not known how long Prokopanko will be out.
“It is in Mosaic’s best interest, and mine, that I focus on my health during the six- to eight-week period that my doctors tell me I should expect to be out of the office for surgery and recovery,” Prokopanko said in late May. “This surgery has been part of the original plan laid out by my medical team and I am eager to take this next important step in my treatment. Larry is an outstanding leader who enjoys the deep respect of our employees and other stakeholders. I will make myself available to him and the rest of our management team, as needed, during my leave. I am looking forward to actively re-engaging in the day-to-day activities of the business once I have recovered from surgery.”
Upon Prokopanko’s return, Stranghoener will serve as executive vice president — Strategy and Business Development until his retirement date and will focus on ensuring a smooth transition of his CFO duties to Mack and on advancing Mosaic’s strategic objectives.
After Stranghoener’s retirement, his business development and strategy responsibilities will be assumed by Mack, according to a company press release.
Mosaic will be mining its last phosphate rock in Polk this summer, but still employs around 2,000 county residents.