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Orica Limited (ASX:ORI) have announced that CEO Ian Smith will step down upon the selection of a new CEO.
Mr Smith has overseen a top-to-bottom transformation of the company over the last four years and delivered a more sustainable business model through the ups and downs of the resource cycle.
Orica will conduct and international search of both internal and external candidates with Mr Smith intending to stay until a replacement is found and an orderly transition is underway.
The board is now seeking a leader with a different style to consolidate and build on the foundations already laid.
Orica reported an almost flat net profit of $626 million for the full year ended 30th September 2014.
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