Orica CEO Ian Smith to step down from position

ORICA Chairman Russell Caplan today announced that the company's CEO Ian Smith will step down from his position.

Mr Caplan said an international search is underway and is assessing both internal and external candidates for his replacement.

"The board and Mr Smith intend that the transition will occur in an orderly and timely manner," Mr Caplan said.

"The Board set Ian a challenging brief and a demanding timeframe to lead a vigorous top-to-bottom transformation of the company. As a result, Orica today is a stronger, more resilient company."

Mr Smith said it was an appropriate time for the company to transition to a new leader.

"By the end of my fourth financial year the transition of Orica's strategy, structure and operating model will be well advanced.

"The transformation program that we have undertaken has enabled Orica to adopt a business model that delivers a more sustainable profile through all parts of the resource commodity cycle."

"Orica's transformation to a pure play, global mining services company has been achieved, its cost profile has been significantly reduced and its focus on delivering value-adding solutions to the resources and infrastructure sectors has been sharpened," Mr Smith said.