Intrepid Potash Announces Appointment of Lori Lancaster to Board of Directors

Rhea-AI Summary

Intrepid Potash (NYSE:IPI) announced the appointment of Lori A. Lancaster as an independent director, effective July 28, 2021, following Terry Considine's retirement. Lancaster, with 20 years of investment banking experience and involvement in over $60 billion in M&A deals, is expected to enhance Intrepid's strategic direction. Executive Chairman Bob Jornayvaz praised her fit for the growing company. Lancaster has held senior roles at UBS Securities and Goldman Sachs, and currently serves on the board of Laredo Petroleum. Considine's contributions over 13 years were acknowledged as invaluable.

Positive

• Lori A. Lancaster brings extensive experience in investment banking and M&A, expected to benefit Intrepid's strategic direction.
• Her background includes over $60 billion in M&A deals, likely enhancing the company's growth prospects.

Negative

• Terry Considine's retirement may create a gap in leadership continuity, as he served for 13 years.

Denver, CO, June 29, 2021 (GLOBE NEWSWIRE) -- Intrepid Potash Inc. (NYSE:IPI) (“Intrepid”) today announced the appointment of Lori A. Lancaster as a new independent director to Intrepid’s Board of Directors (the “Board”), effective July 28, 2021. She will replace Terry Considine who announced his retirement, effective the same day, on June 27, 2021. Ms. Lancaster brings additional financial, merger and acquisition, and oil and gas experience to the Board.

“The depth of Lori’s investment banking experience serving clients across the natural resources and energy sectors is a wonderful fit for a growing and diversified company like Intrepid.” said Bob Jornayvaz, Intrepid’s Executive Chairman, President, and CEO. “Lori has been involved with over $60 billion of M&A deals in her 20 year investment banking career in addition to numerous capital-raising transactions, initial public offerings, structured financings, and debt offerings. We believe her experience and guidance will significantly benefit Intrepid and its shareholders.”

Jornayvaz continued, “We also want to thank Terry for his 13 years of service on Intrepid’s Board. As a member of the Colorado Business Hall of Fame and as CEO of Apartment Income REIT Corporation, Terry’s distinguished business career speaks for itself. We will miss his integrity, quick wit, and his innate ability to drive our team’s focus to the key points of any discussion. As one of the original members of Intrepid’s Board of Directors, Terry’s steady leadership and support have been invaluable to Intrepid team and we wish Terry the best of luck with his future endeavors.”

Ms. Lancaster is a senior executive with nearly 20 years of experience and leadership in investment banking. In her banking career, she covered both public and private companies operating in a variety of sectors and regions within natural resources and global energy. Ms. Lancaster most recently served as Managing Director for UBS Securities LLC in its Global Energy Group from 2013 to 2016. Prior to UBS, Ms. Lancaster worked for Nomura Securities International and Goldman Sachs & Co. as Managing Director in each company’s Natural Resources Group. Ms. Lancaster currently serves as an independent director for Laredo Petroleum where she serves as the Finance Committee Chair and a member of the Audit Committee. Ms. Lancaster previously served as an independent director for HighPoint Resources and Energen Corporation.

About Intrepid:

Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio^®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine, and various oilfield products and services.
Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid's mineral production comes from three solar solution potash facilities and one conventional underground Trio^® mine.

Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts for new postings.

Contact:
Matt Preston, Vice President of Finance
Phone: 303-996-3048
Email: matt.preston@intrepidpotash.com

FAQ

Who has been appointed as the new director of Intrepid Potash?

Lori A. Lancaster has been appointed as an independent director of Intrepid Potash.

When does Lori A. Lancaster officially join Intrepid's Board of Directors?

Lori A. Lancaster will officially join the Board of Directors on July 28, 2021.

What experience does Lori A. Lancaster bring to Intrepid?

She brings nearly 20 years of investment banking experience, including significant exposure to M&A transactions.

What role did Terry Considine play at Intrepid Potash before his retirement?

Terry Considine served on Intrepid's Board of Directors for 13 years.

How might Lori A. Lancaster's appointment impact Intrepid Potash?

Her extensive M&A experience may enhance Intrepid's strategic growth and financial operations.