J.R. Simplot, a rags-to-riches Idaho billionaire who built an international agribusiness empire, died at his downtown Boise condominium May 25, seven months shy of turning 100. Forbes Magazine in 2006 listed the wealth of Simplot and his family at $3.2 billion, ranking him 80th on its list of richest Americans.
Simplot President and CEO Larry Hlobik notified all Simplot company employees by e-mail early Sunday afternoon that their company’s founder had died about 11 a.m. that day.
“J.R. was the most beloved figure in our organization and a man we all admired very much,” Hlobik said. “You know that a person might not be with you for that much longer when they reach 99 years of age as Mr. Simplot had in January, but this is still a shock. He was one of those people who seemed like they could live forever.”
The J.R. Simplot Co.’s extensive holdings have included fertilizer mines and manufacturing plants, cattle ranches, potato processing plants, and grain storage facilities. In 1980, when he was 71, Simplot invested $1 million in what would become Boise-based Micron Technology, a major producer of DRAM computer memory chips. Simplot’s investment grew to $20 million, and he was the company’s largest shareholder.
Almost 30,000 people work for companies Simplot founded or financed. As of 2006, the J.R. Simplot Co. had 3,500 Idaho employees (10,200 worldwide). Micron employs about 19,000 workers in the U.S. and abroad.
Simplot donated his house in Boise’s foothills to Idaho for use as a governor’s mansion.
Simplot is survived by his wife, Esther; two sons, a daughter, and several grandchildren. The family scheduled a private funeral, but arranged a public memorial service for 2 p.m. Sunday, June 1, at the Qwest Arena in downtown Boise. Simplot will be buried at a mausoleum at the Morris Hill Cemetery.
CF Industries Holdings Inc. reports that Randall Selgrad has been elected vice president, treasurer, and assistant secretary of the company. Selgrad had been treasurer and assistant secretary since joining the company in February 2007. Prior to joining CF, Selgrad, 49, served as assistant treasurer for Hospira Inc., Lake Forest, Ill. Before that, he held a number of treasury and financial positions with Abbott Laboratories. Selgrad holds a Bachelor of Science Degree in Management/Computer Science from Purdue University and earned a Master of Business Administration degree in Finance/Accounting/Statistics from the University of Chicago.
Ridley Terminals Inc., (RTI), Prince Rupert, B.C., on May 23 announced that George Dorsey has been appointed RTI’s president and CEO, effective immediately. Dorsey is CEO of Edgewood Holdings LLC. He has served in varied senior management roles at Coffeyville Resources, Aquila Energy, Duke Energy, Euro Brokers Inc., Associated Metals and Minerals Corp., Pechiney Ugine Kuhlmann, and Merrill Lynch. His industrial experience covers several commodities. He serves on the board of directors of Traxys SA, a firm with world-wide commodity sales exceeding $2.5 billion.
Greg Slocombe, president and chief operating officer, and Cam McIntyre, chief financial officer and operations manager, have resigned from RTI. RTI’s board issued a statement saying it was grateful to these managers for their years of service and wishes them well in their future endeavors.
“RTI is a key strategic asset to Canada as a critical gateway to Asian and other world markets,” said Daniel Veniez, RTI chairman. “Our board and management team will place an aggressive and focused emphasis on attracting new business, developing creative and stronger partnerships throughout the supply chain, and investing heavily to improve our productivity and service to customers.”
RTI is a bulk handling terminal located on Ridley Island in Prince Rupert, B.C., with a capacity of 16.5 million mt. A Federal Crown Corporation, RTI is mainly a coal terminal, but can handle other bulk cargoes.