Suncor Energy Inc. did not announce the name of its new CEO on its fourth-quarter earnings call Wednesday, though interim chief executive Kris Smith said a decision is expected 'very soon.'
Suncor Energy Inc. did not announce the name of its new CEO on its fourth-quarter earnings call Wednesday, though interim chief executive Kris Smith said a decision is expected"very soon."
"The board is going through a very diligent process, ensuring that they make the decision that's going to take this company forward," Smith said. Elliott publicly expressed frustration last spring at what it called a recent decline in performance at the energy producer. At Elliott's urging, Suncor recently completed a strategic review of its downstream retail business, a review that considered possibly selling off the Petro-Canada chain. However, the company ultimately decided to keep the retail business.
The company is also reducing the size of its contractor work force by 20 per cent, a move Smith said will reduce the number of exposure hours that put the company at risk for workplace injuries or fatalities, while also lowering costs. The company said its increased profit was due to the higher price of crude and refined product realizations as well as higher upstream production, partially offset by increased operating expenses.
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