Irving Oil has announced the company will not be put up for sale, a possibility it had raised in 2023.

"We are pleased to confirm Irving Oil will remain a privately held company, and we remain as committed to our people, our customers and our communities today as ever before," a news release from the company late Tuesday afternoon said. 

Irving Oil initially announced a strategic review in June 2023 and said options such as the sale of the company or a new leadership structure would be considered. 

Tuesday's announcement said the company has completed the strategic review process with the appointment of Jeff Matthews as president and CEO.

Matthews has worked for the company for 30 years as chief business development officer, chief financial officer and chair of the executive management committee, the release said.

  Jeff Matthews, pictured on the Irving Oil website as part of the company's leadership team, will take over as president and CEO. (Irving Oil)

Founded in 1924 by K.C. Irving, Irving Oil, with 4,000 employees, operates Canada's largest refinery, which processes 320,000 barrels a day. 

K.C.'s son Arthur Irving, who ran the company for decades, died last year.

Arthur had left his role as company chairman just months after the strategic review was announced. 

His daughter Sarah Irving — who had been the only one of his children still working at Irving Oil and widely seen as his heir apparent — left her position of executive vice-president at the same time.

The lack of any Irving family member on the senior leadership team added to the rumours and speculation about the company's future as a privately held, family-owned business.

At the time Irving Oil first announced the strategic review, then-premier Blaine Higgs and Saint John Mayor Donna Reardon both expressed concern about the risk of the company leaving the province.

Climate change activists also spoke out about the possibility of the announcement being used as a ploy to undermine climate initiatives, and industry insiders were taken aback by the sudden review of the company.

But Irving's new CEO will still face plenty of uncertainty overseeing a company that exports 80 per cent of its products to the United States.