Former OMV Executive to Assume Top Role on Nov. 1

Irving Oil has appointed Alfred Stern as its next president and chief executive officer effective Nov. 1, following an extensive international candidate search. Stern, 61, is scheduled to join the company on Oct. 1 before taking over the leadership position from retiring CEO Jeff Matthews, who served 32 years with the firm.

Maureen Kempston Darkes, lead director of Irving Oil’s board, stated that the search was conducted globally to find a leader with the required strategic capabilities, perspective, and experience to guide the enterprise through its upcoming chapter.

Global Energy Experience and Strategic Shifts

Stern previously served as the head of Vienna-based OMV, a major European integrated energy, fuels, and chemicals firm employing over 20,000 people, starting in September 2021. Prior to that role, he managed OMV’s Borealis division, shifting its direction away from fossil fuels toward sustainable chemicals and fuels. In March 2025, he managed the merger of OMV’s polyolefin business with Abu Dhabi National Oil Company, forming Borouge Group International, an enterprise valued at $60 billion.

Irving Oil highlighted Stern’s more than three decades of executive experience across North America, Europe, Asia, and the Middle East, noting his background in handling large joint ventures, multi-sovereign stakeholders, and multinational industrial transformations.

During his tenure at OMV, Stern navigated significant operational hurdles, including ending a long-term gas supply arrangement with Russian state enterprise Gazprom in December 2024 after delivery halts and legal disputes stemming from Russia’s 2022 invasion of Ukraine. His decision not to seek re-election at OMV when his contract concluded in August came as a surprise to investors, drawing public attention as OMV supervisory board chairman Lutz Feldmann publicly regretted his departure.

Local Operations and Ownership Context

In a statement, Stern expressed honor in taking the position, highlighting his commitment to meeting teams and partners across Eastern Canada, New England, and Ireland while prioritizing safety, reliability, and security of supply. He also currently serves on the boards of Bayer AG and Air Products and Chemicals, Inc.

The leadership change follows an 18-month strategic evaluation that concluded recently without a sale of the company. That review occurred alongside significant leadership shifts, including former board chairman Arthur Irving stepping down and his daughter, Sarah Irving, leaving her executive vice president and chief brand officer post.

Established in 1924, Irving Oil employs approximately 4,000 workers across more than 900 fuelling facilities and distribution terminals in Eastern Canada and New England. Its core operational asset in Saint John is Canada’s largest refinery, processing 320,000 barrels of oil daily and exporting up to $11 billion annually, with roughly 80 per cent directed to New England states. The Saint John refinery carries an estimated value of $2 billion according to reports, alongside the company’s Whitegate Refinery in County Cork, Ireland, which processes 75,000 barrels daily and carries an estimated valuation of $185.7 million.