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May 20, 2010 Source: Interpid news release Intrepid Potash, Inc., Denver, CO, announced today several management changes, all of which are effective immediately. Robert P. Jornayvaz III has become Executive Chairman of the Board and has transitioned from his role as Chief Executive Officer. David W. Honeyfield, Intrepid's Executive Vice President, Chief Financial Officer, Treasurer and Secretary, has been promoted to President and will continue to serve as Chief Financial Officer and Treasurer. Hugh E. Harvey, Jr., Intrepid's Chief Technology Officer and a member of the Board of Directors, has become Executive Vice Chairman of the Board and has transitioned from his role as Chief Technology Officer. Messrs. Jornayvaz and Harvey remain Intrepid's largest stockholders with each owning approximately 20 percent of the issued and outstanding common stock of Intrepid. As Executive Chairman of the Board, a newly created position, Mr. Jornayvaz will continue to be Intrepid's principal executive officer but will turn over certain day-to-day duties to Mr. Honeyfield as President. This transition of duties will permit Mr. Jornayvaz to focus on strategic matters for Intrepid, especially matters relating to long-term corporate growth opportunities, sales and marketing, mineral leasing and government affairs. Mr. Jornayvaz will continue to represent Intrepid in connection with Intrepid's involvement with industry trade organizations. As President, Mr. Honeyfield will report directly to Mr. Jornayvaz and will, among other things, be responsible for day-to-day business operations and the execution of capital investment projects. In addition, Mr. Honeyfield will continue to have his same responsibilities as Chief Financial Officer and Treasurer. As Executive Vice Chairman of the Board, a newly created position, Mr. Harvey will advise and collaborate with management on various matters relating to the operations and technology of Intrepid. With the recent hiring of John G. Mansanti, Vice President of Operations, the day-to-day operations and technical implementation of the capital investment program have been transferred to Mr. Mansanti. Messrs. Jornayvaz and Harvey will continue to be employees of Intrepid and will continue to office out of Intrepid's headquarters in Denver, Colorado. "The management changes announced today reflect the natural evolution of Intrepid and the strength of the senior management team that we have hired and developed over the last several years," said Mr. Jornayvaz. Mr. Jornayvaz continued, "Intrepid is at a point in its development where the successful execution of strategic capital projects is the most important part of our organic growth strategy. With the planned implementation of our Langbeinite Recovery Improvement Project, the planned development of the HB Mine as a solar solution mine, and our numerous other capital projects, Intrepid is poised to increase recoveries and production which we expect to lower our per ton operating costs. "Dave Honeyfield has demonstrated through his leadership and management skills that he is the right person to execute our well-defined strategic plan. Moreover, Dave's 20 years of professional experience working with companies operating in extractive industries gives him the right background to be successful as President of Intrepid. "Together with the other members of our management team in Denver, Carlsbad, Moab and Wendover, I am confident in Dave's ability to lead the day-to-day operations at Intrepid and to successfully execute on our strategic capital projects." Intrepid is the largest producer of potash in the U.S. and is dedicated to the production and marketing of potash and Trio, a product produced from langbeinite ore. Intrepid owns five active potash production facilities - three in New Mexico and two in Utah. Tweet |
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