FMC: Executive Chairman Pierre Brondeau Appointed CEO

FMC announced Executive Chairman Pierre Brondeau was appointed to the CEO role. He was previously CEO from 2010-20. He has been FMC's board chairman since 2010. The company also reaffirmed its previously announced second-quarter revenue and earnings guidance. Our forecast already assumed FMC would hit its guidance as we expect its sales and profits will show an improvement in the second quarter and generate year-over-year growth in the second half of the year. Additionally, as Brondeau has been executive chairman, we see no reason to change our outlook for FMC. Accordingly, we maintain our $110 fair value estimate. Our narrow moat rating and Standard Morningstar Capital Allocation Rating are also unchanged.