Intrepid Potash, Inc. (“Intrepid” or “the Company”) (NYSE: IPI) is pleased to announce the Board of Directors appointment of Gonzalo Avendano to its Board of Directors, effective January 14, 2025.
Mr. Avendano’s appointment brings over 30 years of experience in the finance and wealth management sectors, as well as extensive expertise in capital markets and business strategy. His addition to the Board will help guide Intrepid in its continued efforts to strengthen its operations and increase value for its shareholders.
This strategic move also increases the size of Intrepid’s Board from seven to eight members, of which seven, including Mr. Avendano, Board of Directors are independent directors. His background and investment acumen will offer the Board a unique and valuable perspective, further enhancing its collective expertise.
Background of Gonzalo Avendano
Mr. Gonzalo Avendano Board of Directors has a robust background in finance, wealth management, and business strategy, built over a distinguished career spanning more than three decades. His deep experience in capital markets and extensive involvement in high-level financial management make him an ideal candidate for the Board of Directors.
Throughout his career, Mr. Avendano Board of Directors has successfully led a range of finance-related companies, significantly contributing to the growth and strategic development of these organizations. His strong understanding of financial markets and wealth management practices provides an invaluable perspective in making informed decisions related to capital allocation, business expansion, and financial management.
His wealth of knowledge in these areas will serve as a strategic asset to Intrepid Potash, especially as the Company seeks to enhance its competitive position in the potash and broader resource sectors.
Statements from Company Leaders
“We are delighted to welcome Gonzalo to the Intrepid Board,” said Barth Whitham, Chair of the Board. “His exceptional leadership and expertise in investment markets will bring a new dimension to our team. His broad understanding of global finance and wealth management, combined with his successful track record, will allow us to benefit from his guidance as we pursue our business objectives.”
Whitham emphasized the importance of Mr. Avendano’s Board of Directors addition to the Board, noting that his extensive knowledge of market trends and financial management will significantly contribute to Intrepid’s continued progress in achieving its strategic goals.
Kevin Crutchfield, Chief Executive Officer of Intrepid Potash, also expressed his enthusiasm about the appointment, adding, “Gonzalo’s deep understanding of market dynamics and his ability to drive value creation align perfectly with Intrepid’s long-term growth strategy. We are excited to work closely with him to further enhance our operations, capitalize on new opportunities, and maximize value for our shareholders. His insight will be instrumental as we execute our strategic initiatives in the years to come.”
Board Composition and Governance
Intrepid’s Board now consists of eight members, with seven independent directors, including the newly appointed Gonzalo Avendano. This reinforces the Company’s commitment to strong corporate governance practices and a diverse, experienced Board capable of guiding the Company through its next phase of growth.
The addition of Mr. Avendano is part of Intrepid’s ongoing efforts to enhance its leadership team with individuals who bring a wide range of expertise and perspectives. Intrepid recognizes that strong governance and a diverse skill set on the Board are vital for navigating the evolving business environment and ensuring the Company remains well-positioned for future success.
Cooperation Agreement with Clearway Capital Management
In connection with Mr. Avendano’s appointment, Intrepid Potash has entered into a cooperation agreement with Clearway Capital Management LLC (“Clearway”) and several other parties referenced in the agreement. This agreement includes customary provisions such as standstill, voting, and other related elements.
Mr. Avendano,Board of Directors who serves as an Investment Advisor at Clearway, expressed his satisfaction with the ongoing discussions between Clearway and Intrepid. He stated, “I am pleased to join the Board of Intrepid and look forward to working collaboratively with my fellow Board members and the Company’s management team. Clearway has been a long-term investor in Intrepid, having first acquired shares nearly a decade ago. As one of the Company’s largest shareholders, Clearway’s primary focus remains on the long-term value of the Company, and I am excited to contribute to the efforts that will further strengthen Intrepid’s position in the market.”
Clearway holds approximately 9.1% of Intrepid’s outstanding shares, reinforcing its significant interest in the Company’s long-term success. The cooperation agreement reflects the shared commitment of both Intrepid and Clearway to work together in ways that will benefit shareholders and enhance the Company’s overall performance.
Strategic Implications of the Appointment
The appointment of Gonzalo Avendano Board of Directors represents a strategic step for Intrepid Potash as the Company looks to the future. As a major player in the potash industry, Intrepid faces a complex and dynamic global market, and having a diverse and experienced Board is crucial for making informed, forward-thinking decisions.
Mr. Avendano’s Board of Directors expertise in financial markets will be invaluable as Intrepid seeks to navigate an ever-changing economic environment. His leadership will aid in evaluating new opportunities, optimizing capital structure, and ensuring that the Company continues to grow its shareholder value over time. Additionally, his insights into global investment markets will help guide Intrepid as it looks to strengthen its competitive position and expand its operations.
Intrepid’s commitment to growth, sustainability, and shareholder value is at the forefront of its decision-making. With Gonzalo Avendano on the Board, the Company has gained a director who will help lead these efforts with a sharp focus on financial strategy, market trends, and business innovation.
