'I screwed up,' laments former Intrepid Potash exec

Rocky wire report

Published February 13, 2009 at 12:34 p.m.
Updated February 13, 2009 at 12:34 p.m.

Text size

More More Business

Falsely claiming undergraduate and graduate degrees from two universities was “stupid,” says Patrick L. Avery, who stepped down Wednesday as president of Intrepid Potash Inc.

“I screwed up,” Avery, 56, said in an interview Thursday from his home in Littleton. “I was stupid. I should have fixed it.” Avery resigned after confirming that he didn’t hold bachelor of arts degrees in biology and chemistry from the University of Colorado and a master’s in engineering from Loyola Marymount University in Los Angeles, Intrepid Potash said in a statement. The degrees were cited in a prospectus when the Denver-based fertilizer manufacturer went public last year.

“His misrepresentation of his academic credentials was a violation under the company’s code of business conduct,” Chief Executive Officer Robert Jornayvaz III said in the statement. “We are disappointed.” Avery attended the University of Colorado from 1970 through 1975 and “no degree was awarded for reasons unknown,” according to a statement faxed to Bloomberg News from the university registrar’s office.

In the interview, Avery said he didn’t receive degrees from Colorado because he lacked a foreign-language course required for graduation.

“I had gone to school for like six years and had an opportunity for a job and the need to begin working,” Avery said. He subsequently moved out of the state, he said.

University of Colorado spokeswoman Malinda Miller-Huey didn’t have an immediate comment on requirements at the time that Avery attended.

Avery said his academic credentials never came up during his career.

“I kept getting promoted,” said Avery, whose 2007 compensation was $834,722, according to data compiled by Bloomberg. “I don’t remember it as an issue.” Intrepid Potash is the largest U.S. producer of potassium fertilizer, according to its Web site. The chemical is used on crops such as corn, wheat and potatoes.

Intrepid Potash fell 2 cents to $23.36 at 9:44 a.m. in New York Stock Exchange composite trading. The shares climbed 13 percent this year before today.

Avery said he took classes toward a master’s degree in engineering, paid for by his employer, at Loyola Marymount in the 1980s. The Los Angeles-based school wouldn’t award the degree because he didn’t have a bachelor’s diploma, he said.

Loyola students in master’s programs have been required to have undergraduate degrees, though there have been exceptions, spokeswoman Christine Nangle said in an interview Thursday.

Intrepid Potash’s Jornayvaz said he accepted Avery’s resignation after consulting with the board.

The company’s reaction was “fair” and he would have done the same, Avery said.

Intrepid Potash said Avery would serve as an operations consultant for an undetermined period. Avery declined to discuss the consulting work and said he expects to finish college and become a teacher because he enjoys working with children.

“I’m 56 years old and I’ll be starting over,” Avery said.

Avery owned 83,303 shares of Intrepid Potash as of Jan. 5, according to a regulatory filing. That’s worth about $1.95 million based on yesterday’s closing share price.

Subscribe to the Rocky Mountain News