I don't think he can spiderguy, you need the private key as well, which is what the p12 file is for. The new developer can revoke the old certificate and create a new one, but that is less than ideal as well because then all of the previously published apps will have to be recompiled against that certificate if they need updating.
Apple's own website has this to say on the matter, "It is critical that you save your private key somewhere safe in the event that you need to develop on multiple computers or decide to reinstall your system OS. Without your private key, you will be unable to sign binaries in Xcode and test your application on any Apple device. When a CSR is generated, the Keychain Access application creates a private key on your login keychain. This private key is tied to your user account and cannot be reproduced if lost due to an OS reinstall. If you plan to do development and testing on multiple systems, you will need to import your private key onto all of the systems you’ll be doing work on."
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