Skip to main content

Irving Oil president to step down as company undergoes strategic review

Share
FREDERICTON -

The president of Irving Oil is stepping down as the company undergoes a strategic review that includes the possible sale of the business.

A news release Monday said Ian Whitcomb has made a "personal decision" to leave after more than eight years on the job, and will continue in his role until June 9.

Chief financial officer Jeff Matthews will lead a strategic review of the company.

Maureen Kempston-Darkes, lead director of Irving Oil's board of directors, said Matthews has been with the company for more than 29 years and understands the evolving needs of customers and communities.

The company has said its strategic review will consider whether the business will be given a new ownership structure, be sold in part or in full or whether there will be changes in its portfolio of assets and how it operates them.

"The strategic review of the company is ongoing and outcomes associated with it are not yet clear," Kempston-Darkes said in the news release.

Irving Oil operates Canada's largest oil refinery, and has more than 900 gas stations and a network of distribution terminals throughout the East Coast and New England.

There have been other changes in the company's leadership: the website shows Arthur Irving as chairman emeritus, and his daughter, Sarah Irving, who was executive vice president and chief brand officer, is no longer listed. When the strategic review began in June, Arthur Irving was chairman.

New Brunswick Premier Blaine Higgs held numerous positions at Irving Oil in Saint John, until his retirement in 2010 when he stepped down as director of logistics and distribution.

This report by The Canadian Press was first published Feb. 26, 2024.

For more New Brunswick news visit our dedicated provincial page.

Correction

In a previous version of this article, the Canadian Press erroneously reported that the company's chief financial officer, Jeff Matthews, would replace Ian Whitcomb. In fact, Matthews will be leading the strategic review of the company.

CTVNews.ca Top Stories

'Rust' armourer gets 18 months in prison for fatal shooting by Alec Baldwin on set

A movie weapons supervisor was sentenced to 18 months in prison in the fatal shooting of a cinematographer by Alec Baldwin on the set of the Western film "Rust," during a hearing Monday in which tearful family members and friends gave testimonials that included calls for justice and a punishment that would instill greater accountability for safety on film sets.

Donald Trump hush money trial, explained

All of Donald Trump's trials and the characters involved make for a complicated legal mess, particularly when the four criminal cases are added to Trump's civil liability for defamation and sexual misconduct and for business fraud. Here's what to know to get up to speed on this first criminal trial, starting April 15, 2024.

Here's what to expect in the 2024 federal budget

Deputy Prime Minister and Finance Minister Chrystia Freeland will be presenting the 2024 federal budget on Tuesday, revealing how the federal Liberal government intends to balance the nearly $40 billion in pre-announced new spending with her vow to remain fiscally prudent.

Prince Harry in legal setback about security protection in U.K.

Prince Harry's fight for police protection in the U.K. received another setback on Monday, when a judge rejected his request to appeal an earlier ruling upholding a government panel's decision to limit his access to publicly funded security after giving up his status as a working member of the royal family.

Stay Connected