The abrupt departure of Mark Little as Suncor Energy Inc.'s president and chief executive is not a silver bullet for a company that has been beset by safety concerns in recent years, analysts said.
"This move does not come as a surprise; nonetheless, we do not see it as the solution to Suncor's problems — IE, this is not just the CEO's fault, in our view. Instead, this is about the corporate culture where accidental deaths have plagued the company even prior to Mr. Little's tenure as CEO began in 2019," wrote Phil Skolnick, an analyst at Eight Capital, in a report to clients Monday.
While Suncor shares have rallied this year, with a gain of 34 per cent through the close of trading Friday, it had long underperformed against its largest peer. From 2019 through the end of 2021, Suncor shares shed 17 per cent of their value, compared to a 62 per cent surge for Canadian Natural Resources Ltd., and a 14 per cent rise for the S&P/TSX Composite Index's energy subgroup.
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