Could the company that owns Canada’s largest oil refinery be on the verge of a sale?

Speculation is growing about the future of Irving Oil after big leadership changes at the New Brunswick-based company.

The Globe and Mail reports that Arthur Irving has stepped down as chairman. He is now listed as chairman emeritus on the company’s website.

His daughter, Sarah Irving, has also resigned from her leadership roles, according to the newspaper report. She had been the company’s executive vice-president and chief brand officer.

Our newsroom has reached out to a spokesperson for the company to confirm the leadership changes.

David Campbell, an economic development consultant and New Brunswick’s former chief economist, suspects this is the lead-up to something bigger.

“It certainly looks like the company is moving more in the direction of some kind of big strategic move like a sale or a divestiture or something like that,” said Campbell, who co-hosts a podcast called Insights.

Irving Oil announced in June that it was conducting a strategic review of the business and that “a series of options are being evaluated related to the company’s future.”

The company said no decisions have been made about where the strategic review may lead but that several options are on the table.

They included a new ownership structure, a “full or partial sale,” and changing its portfolio and assets.

RELATED: Irving Oil considers ownership restructure, sale as part of strategic review

Campbell said he does not believe the company would have mentioned the possibility of a sale if it was not strongly considering it.

“That industry is in a state of flux right now, nobody knows what it’s going to look like. We’re going to be driving vehicles that require refined oil products for many years, but there is a finite shelf life,” he said.

“They’re trying to figure out what the best value is for their shareholders and for the family.”

If Irving Oil were to sell, Campbell expects one of the larger refiners would purchase the company, adding there has been talk of consolidating Canada’s refining sector for several years.

The concern, he said, is the potential economic impacts in Saint John, where the company’s refinery and headquarters are located, and throughout New Brunswick.

“This is kind of an existential moment in many ways. This is the largest exporter in the province and a major employer, directly and indirectly employing several thousand people in the Saint John area and across New Brunswick,” said Campbell.

“Hopefully whatever happens, it won’t have a lot of negative impacts on our province.”