New Brunswick-based Irving Oil has confirmed that the century-old company will remain privately held, after completing a strategic review that started in June 2023.

The company issued a statement Tuesday confirming it had also appointed Jeff Matthews as the company’s new president and CEO.

Matthews has worked with Irving Oil for the past 30 years, having served as chief business development officer, chief financial officer and chairman of the executive management committee.

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Last February, Matthews was put in charge of the strategic review after Ian Whitcomb announced he would be stepping down in June 2024 as the company’s president and CEO.

Among other things, the review looked into the possible sale of the company, which operates Canada’s largest oil refinery in Saint John, N.B.

The company is one of the largest employers in Atlantic Canada with more than 4,000 full-time employees.

This report by The Canadian Press was first published Jan. 15, 2025.