Uncertainty about the planned split of Incitec Pivot's fertiliser and explosives businesses has claimed another leadership chief, with Christine Corbett leaving her role as the designated head of the standalone fertiliser company.
Subscribe now for unlimited access to all our agricultural news
across the nation
or signup to continue reading
Last week Incitec Pivot's managing director, Jeanne Johns, submitted her resignation.
Her June 30 departure follows the company's half year financial results falling below expectations last month, partly due to lower earnings from its Phosphate Hill fertiliser plant in western Queensland.
Last week the company also confirmed it may have to pay up to $90 million - $20m more than expected - for gas to keep its Phosphate Hill plant operating because existing supply contracts have not delivered volumes promised.
RELATED READING
Fertiliser boss, Ms Corbett, only took up her chief executive officer's job in October after leaving a similar designated CEO's job at AGL last June to move to Incitec.
She is now understood to have opted to quit because IPL deferred its proposed demerger until at least later this year.
The company initially flagged the demerger for the first half of this year, but stalled when it began negotiating the sale of its US ammonia plant at Waggaman, Louisiana, now set to be sold to CF Industries for about $2.5b.
Ms Corbett's departure is also scheduled for the end of the month after supporting a management transition so chief financial officer, Chris Opperman, can take over immediately as interim president of the east coast fertiliser business.
Incitec Pivot Fertilisers chairman designate, Mike Carroll, said IPF remained focused on preparation for the separation from its explosives sibling, Dyno Nobel.
The separation was a key strategic priority, although the company's board said it was continually assessing all options to create the most value for shareholders.
Mr Carrol said the fertiliser business had an extensive, vertically integrated fertiliser distribution network supporting Australia's east coast.
It was committed to "continuing to progress its business strategy in the second half" and was well positioned to capitalise on leading a step change in sustainable fertiliser and value-add products.
It would also ensure security of supply for fertiliser customers in Australia and overseas.
Mr Carroll said Ms Corbett had made valuable contributions while leading Incitec Pivot Fertilisers and displayed commitment to "the great people within our IPF business".
IPL has agreed to a shortened three month notice payment for Ms Corbett which does not include termination entitlements associated with the proposed demerger.
Start the day with all the big news in agriculture! Sign up below to receive our daily Farmonline newsletter.
Andrew Marshall
Andrew Marshall is the group agribusiness writer for ACM's state agricultural weeklies and websites. He is a former editor at The Land and has worked in various Rural Press group roles in Canberra, North Richmond (NSW) and Toowoomba (Qld).
Andrew Marshall is the group agribusiness writer for ACM's state agricultural weeklies and websites. He is a former editor at The Land and has worked in various Rural Press group roles in Canberra, North Richmond (NSW) and Toowoomba (Qld).
