Melbourne-based fertilizers and explosives company Incitec Pivot Ltd. (IPL) announced on June 13 that Christine Corbett has resigned from her role as Incitec Pivot Fertilisers (IPF) CEO designate. Corbett will leave the company at the end of June.
IPL said Corbett’s decision was due to the company’s deferral of the proposed demerger of its fertilizers and explosives business. This follows the IPL Board’s decision to sell the Waggaman, La., ammonia plant ahead of the proposed demerger. The company inked a definitive agreement with CF Industries Holdings Inc. on March 20 for the sale of the plant (GM March 24, p. 1).
Corbett was appointed as CEO designate of the proposed standalone IPF in October last year (GM Oct. 28, 2022) and took up the role on Jan. 9, 2023. Corbett’s resignation follows IPL Managing Director and CEO Jeanne Johns’decision to step down from the role, announced a week ago (GM June 9, p. 26). Mike Carroll continues as IPF Chairman designate, and IPF’s current CFO, Chris Opperman, will be appointed IPF Interim President, effective June 13.
Corbett’s departure could be another sign that IPL’s proposed split into separate fertilizer and explosives arms could be off. But in its statement on June 13, IPL said the proposed separation of the IPF business remains “a key strategic priority” even though it has been delayed.