LA Private

Incitec required to pivot in the boardroom

CEOs are in the news – Monday saw Myer boss, John King signal his departure in late 2024 but Elders CEO, Mark Allison decided to stay for a couple more years instead of retiring this November. That took around $2.5 million more in salary, bonuses and performance share rights.

On Tuesday it was the turn of Incitec Pivot (IPL) to reveal that Jeanne Johns will be stepping down from her role as CEO from the end of June 2023.

“Paul Victor, IPL’s Chief Financial Officer, has been appointed as interim CEO while the Board undertakes a comprehensive search process for a permanent CEO,” IPL said.

The company said that Ms Johns will continue to work with the Board and Mr Victor until June 30, 2023 to “facilitate a smooth transition of her responsibilities.”

IPL’s Chief of Staff, Liza Somers, has been appointed as interim CFO. Ms Somers has been with IPL for 10 years, holding key leadership positions in the finance team.

IPL Chairman Brian Kruger said: “I would like to acknowledge and thank Jeanne for all her efforts and commitment to our Company over the past five and a half years. She leaves the Company in a very strong financial position and with a solid platform for future growth.

“Jeanne led the organisation through the very challenging COVID-19 pandemic and has been instrumental in developing our decarbonisation strategy that has received the strong support of our shareholders.

“Jeanne has also led some significant transactions that will create long-term value for our shareholders, including the urea offtake agreement with Perdaman and the recently announced sale of the Waggaman ammonia manufacturing facility in Louisiana, USA.”

The news from IPL is something of a surprise because it was around three weeks ago (on May 17) that Ms Johns released and briefed the company’s 2022-23 annual results and report. There was no suggestion of any plan for her to step down in those briefings.

IPL shares fell 2.4% yesterday to end at $2.95.