Suncor Energy named Rich Kruger as its new chief executive, ending a seven\u002Dmonth search. Find out more
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The appointment of Kruger, a former CEO of Exxon Mobil Corp.’s Canadian unit Imperial Oil Ltd., is effective April 3, Suncor said Tuesday in a statement.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
The activist investor, founded by Paul Singer, went public with its campaign against the oilsands giant in April and struck a deal just days after Little’s resignation to add three directors to its board and review a possible sale of Suncor’s downstream assets. Two of those directors were appointed to serve on the committee to select the new CEO.Article content
Elliott has been particularly critical of Suncor’s safety record, which also included deaths in the two years prior to the launch of its campaign. The repeated accidents prompted Alberta’s Occupational Health & Safety division to put the company under a special safety-monitoring program late last year. The probe has resulted in Suncor receiving 32 safety violations from November through January, far more than its peers have been given.
The company also has agreed to sell oil and gas assets in the UK and Norway and divest its renewable-energy portfolio. But Suncor decided to hold on to its retail filling stations in Canada after a review concluded that the company wouldn’t have fetched the premium it wanted for them.
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