Lame duck CEO Ian Smith Orica puts analyst briefing in doubt

ORICA’S proposed analyst briefing tomorrow is in doubt, along with outgoing CEO Ian Smith’s involvement.

ORICA’S proposed analyst briefing tomorrow is in doubt, along with outgoing chief executive Ian Smith’s involvement, as the explosives maker works out what to do with its ousted boss.

Last week Orica chair Russell Caplan said Mr Smith would not stay in his job after a series of “managerial issues” saw the CEO quit his role, but the chairman indicated Mr Smith would stay in the position until a replacement is found.

This left the company in the untenable position of having Mr Smith, whose time at the company is finished, leading a proposed analysts briefing at Sydney’s Intercontinental Hotel tomorrow.

After a series of board discussions over the weekend, the board is now considering postponing the meeting as it works out what to do with Mr Smith.

Orica boss blows himself up

Faced with a similar issue three years ago, Boral installed an interim chief Ross Batstone pending the appointment of Mike Kane as chief.

Analysts believe Orica CFO Craig Elkington would be the best placed to lead the company if not for the long term on an interim basis.

Attempts to contact company representatives today were unsuccessful with suggestions there would be more news later in the day.

While all the noise was around Orica late last week, Mr Smith was at a board meeting in Brisbane for logistics company Transurban, where according to insiders, he was his usual charming and useful contributor to discussions.

Mr Smith admitted last week he had problems controlling his temper and intimated the pressure of the job at Orica had exacerbated the problem.