Intrepid Potash, Inc. (NYSE:IPI) has announced that President and Chief Operating Officer, Patrick L. Avery, is leaving the company. This isn’t over management performance or over company developments. He apparently was “mistaken” about a couple of degrees on his resume.
Avery submitted his resignation and confirmed that he did not receive a B.A. degree from the University of Colorado or a M.S. degree from Loyola Marymount University. He noted that he had several years of course work at the colleges, but did not earn the degrees he represented.
Intrepid Potash said that it learned of these facts yesterday. The company said it anticipates entering into an agreement with Avery to serve as an operations consultant for an undetermined period of time. If Avery is this important, why can’t the company just overlook his lies? Not in today’s world where anyone can vote you off the island. But keeping him creates a PR nightmare.
The President’s role will be assumed by Robert P. Jornayvaz III, Chairman and CEO. The Chief Operating Officer job will be assumed by Hugh E. Harvey, Jr., Chief Technology Officer. The company said that it will search for a new Chief Operating Officer.
This sounds like it is probably just two-degrees of separation rather than six. But what a big two degrees.
Jon C. Ogg
February 11, 2009
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