Ian Whitcomb stepping down as Irving Oil president

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Irving Oil’s president for more than eight years is stepping down, the company announced via a statement on its website.

The brief statement, posted Monday, explains Ian Whitcomb “has made a personal decision to step down from his role.” Whitcomb will remain as president of Irving Oil until June 9, 2024, it adds.

The news comes five months after Arthur Irving left his position as the chairman of the board of directors of Irving Oil. At that same time, his daughter, Sarah Irving, no longer continued to be part of Irving Oil’s leadership team, previously listed as its executive vice president and chief brand officer. Those October changes came as Irving Oil announced in June 2023 a strategic review of the company’s future, acknowledging that it could lead to its full or partial sale.

Quoted as chairman emeritus in Tuesday’s statement, Arthur Irving noted, “I am grateful for Ian’s leadership of Irving Oil over the past eight and a half years. Building on the strong history of Irving Oil, Ian has helped lead the company through a significant period of growth, working alongside a strong leadership team, hard-working, dedicated employees and loyal customers. And for all of them, I am thankful too. We wish Ian all the very best in the future.” 

Whitcomb, in the statement, said he is “grateful to Mr. Irving” for providing him with the opportunity to see Irving Oil make many accomplishments as well as to have worked with Mr. Irving, Sandra Irving and Sarah Irving.

“Our whole Irving Oil team has worked to make the company stronger by focusing on safety, operational excellence and our customers, including adding significant growth in Ireland and New England and developing a strategy to guide Irving Oil through this time of energy transition,” stated Whitcomb. “I have been very fortunate to work with an exceptionally talented senior leadership team and this team will continue in place.”

Brunswick News has reached out to Irving Oil for further details and is awaiting a response.

David Marshall, a business professor at University of New Brunswick, says the latest news is sure to feed speculation about the company’s future but noted any time there are shifts in a company’s leadership it can mean change.

“A new leader, a new viewpoint,” Marshall said. “I don’t think it would be any different in this circumstance. Is the company headed in another direction? Is it being sold? We don’t really know, but I would suggest whenever there’s a change in CEO it’s an opportunity for an organization to readjust, change or potentially pivot.”

Marshall said with the recent changes at Irving Oil he immediately thinks of the eventual consolidation of the fossil fuel sector. He said whether Irving has a partial sale or sells off the entire business is anyone’s guess and the same stands for whether green energy has been good for the company and it’s too early to tell.

“I’d suggest there is a lot of speculation over whether they’ll sell the whole thing or is it a little play to get government funding to have a green energy pivot? I just don’t think we know yet,” he said.

With more focus on green energy and changes in the energy sector across the board, Marshall said he feels Irving Oil can make a pivot noting the refinery is state-of-the-art and the company “has made inroads into the green energy fields” and with its investments in sustainable energy and its world-class workforce it has an opportunity to move with the sector.

“I do think they’re poised to be a part of that future of energy and the future of energy production,” he said.

Founded in 1924, Irving Oil operates Canada’s largest refinery in Saint John, and represents a New Brunswick family success story built by oil baron and billionaire K.C. Irving from the ground up.

It now has more than 900 fuelling locations and a network of distribution terminals spanning eastern Canada and New England while employing roughly 4,000 people.

It also operates Ireland’s only refinery.

The refinery is New Brunswick’s largest exporter by far, exporting up to $11 billion in oil annually, while employing hundreds of New Brunswickers.

Last June’s news of the strategic review, coupled with Arthur Irving’s stepping down, created a level of uncertainly over the company’s future. 

That review, the company noted in Monday’s statement, continues.

“The strategic review of the company is ongoing and outcomes associated with it are not yet clear,” stated Maureen Kempston-Darkes, lead director of Irving Oil’s board of directors, in the post. “Decisions related to Ian Whitcomb’s replacement have not yet been made. Recognizing that the strategic review will be ongoing, Jeff Matthews, Chief Financial Officer of Irving Oil, will take the leadership role in this process. Having joined Irving Oil more than 29 years ago, Jeff has a deep knowledge of our company and the evolving needs of our customers. The company remains focused on its people, sustainable, safe operations and serving its customers and communities.”

– With files from Adam Huras