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Highlights:
- Orica chair Malcolm Broomhead will step down in 2025.
- Broomhead has been with Orica (ORI) for over a decade.
- Orica expects strong demand but notes ongoing challenges.
Orica (ASX:ORI), a leading supplier of chemicals and explosives, announced that its chair and former CEO Malcolm Broomhead will step down from the board next year. The update was shared during the company’s annual general meeting, marking the conclusion of Broomhead’s tenure after a decade in the role.
Broomhead took on the role of Orica chair in January 2016 after previously serving as the company’s managing director and CEO from 2001 to 2005. His leadership has been a key part of Orica’s operations and strategy over the years. Speaking at the AGM, Broomhead stated that his departure aligns with Orica’s governance practices, which include periodic transitions after substantial leadership terms.
The announcement came as Orica conducted its AGM, where the company provided insights into its current operations and outlook. Orica shares showed a slight increase of 0.4% during the day, reaching $17.46 by early afternoon.
During the meeting, Orica’s current CEO and managing director, Sanjeev Gandhi, addressed the company’s performance at the start of the new financial year. Gandhi highlighted that the company has observed strong demand for its key offerings, including blasting technologies, specialty mining chemicals, and digital solutions.
While the outlook for demand remains positive, Gandhi acknowledged several challenges that Orica continues to face. Inflationary pressures, elevated energy costs, and growing geopolitical risks are ongoing concerns that could impact future operations.
Orica remains confident in its ability to adapt to the evolving landscape, leveraging innovative solutions to maintain growth in the mining and infrastructure sectors. The company’s focus on technology-driven products positions it as a critical player in supporting industries dependent on explosives and chemical supplies.
Malcolm Broomhead’s departure marks a significant shift for Orica (ORI) as the board prepares for new leadership. His extensive contributions during his leadership tenure have been instrumental in shaping Orica’s strategy and strengthening its market position.
As the company navigates its next phase of leadership, Orica (ORI) is expected to build on its strong foundation, prioritizing innovation and addressing global challenges.
