Orica Announces Management Change

5 July 2001

Philip Weickhardt has elected to stand down as Managing Director and Chief Executive Officer of Orica with immediate effect.

Pending appointment of a new Chief Executive the Chairman of Orica Mr Don Mercer will act as interim Executive Chairman. The Board of Orica has commenced an international search for a successor to Mr Weickhardt.

Mr Mercer thanked Mr Weickhardt for his integrity, loyalty and his contribution to the company over many years of service to Orica and its predecessor ICI Australia Limited.

"The Orica Board is focused on improving the performance of the company" Mr Mercer said. "The directors recognise that urgent action is required and are committed to ensuring that each Orica business delivers the financial returns expected by our shareholders."