Irving Oil put nearly two years of speculation about its future to rest on Tuesday.
The company announced in a statement that it will remain privately held and will not be sold.
“Irving Oil remains a strong and secure company, supported by great employees and valued customers,” the company said in a news release.
“It remains anchored in the values it has forged over the last 100 years beginning with our founder, K.C. Irving, and Arthur Irving.”
Irving Oil quietly announced in June 2023 that it was undertaking a strategic review of the business to explore all future options.
RELATED: Irving Oil considers ownership restructure, sale as part of strategic review
Some of the options being considered included a new ownership structure, a “full or partial sale,” and changing its portfolio and assets.
Months after the review began, Arthur Irving stepped down as chairman and his daughter, Sarah Irving, resigned from her leadership roles as executive vice-president and chief brand officer.
Arthur Irving, whose father K.C. founded Irving Oil, died of cancer last May at the age of 93.
RELATED: Arthur Irving steps down as chairman of Irving Oil
The company also announced Tuesday that Jeff Matthews had been appointed president and CEO of Irving Oil.
Matthews has spent 30 years at the company in roles including chief business development officer, chief financial officer and chair of the executive management committee.
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