Bill Doyle

Potash president and CEO William Doyle speaks with reporters after the company's annual general meeting in Saskatoon, May 12, 2011. (Reuters/David Stobbe / April 7, 2014)

Potash Corp.of Saskatchewan Inc. said on Sunday that former Inmet Mining Corp. boss Jochen Tilk would become the world's biggest fertilizer company's next chief executive officer, replacing Bill Doyle.

Potash Corp.'s announcement comes as the Saskatoon, Canada-based company grapples with a challenging global potash market, in which prices have been depressed due to years of soft demand and burgeoning supplies.

Tilk, who comes to Potash Corp after a 30-year career in the mining industry, will become president and CEO effective July 1, the company said in a statement. Doyle, a native of Chicago, has been at Potash Corp.'s helm since 1999 and will remain employed with the company as a senior adviser through June 2015.

"Jochen's successful track record, his reputation among peers and commitment to the industry made him the ideal candidate to serve our customers and lead Potash Corp through our next phase of growth,"Doyle said in the statement.

In January, Potash Corp. forecast a profit of $1.40 to $1.80 per share for 2014, lower than last year, when it earned $2.04 per share, and well below analysts' average 2014 view of $2.00 earnings per share.

The company's shares have dropped 5.6 percent in the last 12 months, versus a 16.7 percent rise in the Toronto Stock Exchange 300 Composite Index