Intrepid Potash Inc. announced on July 10 that its Board of Directors has elected Barth Whitham, formerly Lead Independent Director, as its Chair. The Board has also initiated a search process to identify a successor for Intrepid CEO Bob Jornayvaz, who was injured in a polo accident in April (GM April 12, p. 26) and remains on an extended medical leave of absence (GM April 19, p. 25).
During the search process, Intrepid’s Chief Financial Officer Matt Preston will continue to serve as Acting Principal Executive Officer, working closely with the rest of the company’s management team and Board. The Board also appointed Intrepid Director Hugh Harvey as Chair of the Compensation Committee. Jornayvaz remains a Director.
“We wish Bob well as he continues his recovery, however we recognize that it is unlikely that he will return to his CEO role,” said Whitham. “The Board has therefore determined it is in the best interest of the Company to initiate a search for a new CEO to continue to execute our strategic plan. In the interim, we have full confidence in Matt and the rest of the management team to continue to lead Intrepid during this process.”
An Intrepid Director since 2008, Whitham has more than 30 years of management and board experience in the energy, banking, and extractive resources industries. Since 2004 he has served as President and CEO and member of the board of directors of Enduring Resources LLC, and serves on the boards of directors of Ensign Energy Services Inc. and Jonah Energy LLC.