Smith, whose abrasive management style was a key factor in his leaving the role had been intending to stay on until his permanent replacement had been found.

That stance drew criticism from some commentators saying he should have gone immediately.

Well, he has.

According to a statement from Orica, both the board and Smith agreed that “in the interests of minimising further distractions and enabling Orica to move on”, Smith would leave the company immediately.

Smith will be paid his contractual entitlements arising from the termination of his employment with the group.

In addition to his statutory entitlements to accrued leave, he gets a $2.5 million payment.

That is made up of a severance payment equal in value to six months of his fixed remuneration and a payment in lieu of the six month notice period provided for under his contract.

Calderon, whose most recent executive role was BHP group executive and chief executive aluminium, nickel and corporate development, has been serving as a non-executive director of Orica since 2013.

With Smith’s departure, an investor briefing scheduled for March 23 has been postponed.

The company said key assumptions provided to the market in November remained relevant.

Global explosive volumes are forecast to be in the 3.8-4 million tonne range with explosives volumes down in Australia but up in the Americas.

Explosives pricing pressure is expected to continue, particularly in Australia.

Sodium cyanide volumes are expected improve, although pricing pressures will likely remain.

Operating costs are anticipated to reduce due to the transformation program with pre-tax benefits of $140-170 million and implementation costs of $100-120 million in 2015.

With the completion of the sale of Orica’s chemicals business on February 28, there will be a five-month contribution to the 2014-15 year earnings.