Irving Oil announces more leadership changes as president steps down

Irving Oil president Ian Whitcomb is resigning from the post as the private company, one of New Brunswick's largest employers, continues a strategic review of its future.

Whitcomb "made a personal decision to step down," after being in the role for more than eight years, the Saint John-based company announced on its website Monday.

The resignation comes on the heels of other major leadership changes at Irving Oil, which has about 4,000 employees.

As of last fall, Arthur Irving, 93, is no longer chair of the board of directors, but chair emeritus. His daughter, Sarah Irving, who was executive vice-president and widely seen as his heir apparent, is no longer part of the leadership team.

The strategic review of the company, announced last June, is continuing and "outcomes associated with it are not yet clear," Maureen Kempston-Darkes, lead director of Irving Oil's board of directors, said in a statement.

A "series of options" related to the company's future are being evaluated, including a new ownership structure, a full or partial sale, or a change in the portfolio of assets and how they are operated, the company has said.

Since no decisions about Whitcomb's replacement have been made, Jeff Matthews, chief financial officer of Irving Oil, "will take the leadership role in this process," Kempston-Darkes said.

Matthews, who joined Irving Oil more than 29 years ago, "has a deep knowledge of our company and the evolving needs of our customers," she said.

The rest of the senior leadership team remains unchanged, according to the release.

Andrew Lipow, president of Lipow Oil Associates, an industry consulting firm in Houston, said there could be more behind Whitcomb's decision.

"It might be that they're nearing the finish line on the strategic review process, and that may be leading to the sale of the company to a much bigger oil industry player," he said.

"And perhaps Ian Whitcomb is reading between the lines himself, deciding that his eight and a half years at Irving Oil was enough and perhaps there's something else that he would like to do."

Tom Kloza, founder of Oil Price Information Service, agrees.

"I think the writing is on the wall and there's going to be an ownership change, or at least a joint-venture structure," he said.