CEO Alberto Calderon announced changes that will continue enhancing the company’s leadership and organisational design to better align to Orica’s long term growth strategy.
“In the last two years, we have fundamentally changed the operating model of the business, introduced greater efficiencies, systems and processes, and focused on improving core operational and financial disciplines.
“The work we have done and are doing on business improvement taps into the enormous potential in Orica to become a world-class, efficient and effective organisation. The leadership and organisational enhancements that we are announcing today gives Orica the very best leadership team that will be fundamental in reshaping Orica for long term growth and success,” Mr Calderon said.
Orica’s customer facing businesses have been defined by four key regions of Australia, Pacific and Indonesia; North America; Latin America; and Europe, Africa, Asia (EAA). To date EAA has been headquartered in Perth, aligning it to the Asia time zone. In order to give greater focus to key growth markets, EAA will be reshaped under a new structure and relocated to Europe.
Within EAA, the Asia business will be integrated with our Australia Pacific Indonesia portfolio, under its Group Executive and President, Darryl Cuzzubbo. The remaining EAA regions will be consolidated into a region of Europe, Middle East and Africa (EMEA), representing critical growth markets for Orica, headquartered in the United Kingdom, closer to the customers that the business serves, under the leadership of Mr Tom Schutte, currently Chief Financial Officer. Tom will become Group Executive and President, EMEA, effective 1 October.
Mr Calderon said: “We are very fortunate that Tom has agreed to take up the new challenge of leading the EMEA region. Tom has been an exceptional CFO in his two years in the role, embedding a new, disciplined financial rigour into the organisation. He has focused on efficient cash generation, through: the introduction of a new dividend policy more reflective of the cycle; a new approach to capital discipline with all capital expenditure processes standardised, and the establishment of an objective of achieving at least 20% Return on Net Assets for new growth capital projects. These have resulted in a substantial reduction in our debt and streamlining of Orica’s debt profile through a successful bond issue.
“Tom had also indicated to me a desire to ultimately return to the UK for family reasons, so the realignment of our business operations was fortuitous for both Orica and Tom. The EMEA region represents some of Orica’s most prospective markets, and Tom is ideally positioned to lead the implementation of Orica’s growth strategy there. Tom’s experience running operations in the region, on top of his commercial and financial acumen, will serve Orica extremely well,” he said.
Mr Schutte brings extensive operational experience to his new role. Prior to joining Orica in September 2015, Mr Schutte held a range of leadership positions at BHP.
Mr Vince Nicoletti has been appointed Orica’s Chief Financial Officer, effective 1 October. Mr Nicoletti joins Orica from diversified services group Broadspectrum, where he has been Chief Financial Officer for the past four years. Before joining Broadspectrum, Mr Nicoletti held a range of senior leadership positions at BHP, including Vice President, Strategy and Business Development (Energy Coal), CFO Aluminium and CFO Marketing and Commercial.
Mr Calderon said: “Vince is an outstanding executive who brings extensive experience across financial and operational roles in significant, global organisations. I’m excited to have an executive of his calibre join our leadership team.”
Mr Carlos Duarte has been appointed as Group Executive, Manufacturing and Supply, following 30 years at global oil and gas technology and services company, Schlumberger. During his time at Schlumberger, Mr Duarte held several senior leadership positions including Vice President, Supply Chain, Vice President, Manufacturing, and Vice President, New Businesses. Mr Duarte will relocate from the USA and join Orica in October.
“We are privileged to have an executive of Carlos’ experience and skill set join Orica. His significant experience and expertise in manufacturing and supply, along with his deep understanding of the resources services sector, will be invaluable at Orica,” Mr Calderon said.
Mr Tony Edmondstone, currently Group Executive and President, Europe, Africa, Asia (EAA), will leave the organisation, effective early 2018 to ensure a smooth transition. Mr Calderon thanked Mr Edmondstone for his significant contributions and service to Orica:
“Tony has held various leadership positions at Orica over the past 9 years, and has made a substantial contribution to the organisation during his tenure. He has held the role of Chief Financial Officer, Orica Mining Services; established the Global Supply function in Singapore, and established the Transformation Office and Operating Model in his role as Chief Transformation Officer, before his most recent role. I am particularly grateful to him for his strong leadership of the EAA organisation over the past two years. I wish him all the best for the future.”
The remainder of the Executive Committee and their portfolios remain the same.
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