Rich Kruger, who led Imperial Oil Ltd. as president and CEO from 2013 until his retirement in 2019, has been named the new chief executive of Suncor Energy Inc. after a months-long search.
Rich Kruger, seen here in 2018 speaking during an event at Imperial Oil Ltd., where he was formerly CEO, has been tapped to lead Suncor Energy Inc.
Suncor said Tuesday that following a transition period, Smith will assume the role of chief financial officer and executive vice-president of corporate development after Suncor's annual general meeting on May 9.The naming of Kruger as CEO should satisfy those who wished to see change at the top of Suncor, said Scotiabank analyst Jason Bouvier in a note Tuesday.
Two of the board directors serving on the CEO search committee were named to Suncor's board in July, as part of a deal the company struck to appease U.S.-based activist investor Elliott Investment Management. Many analysts believe Elliott was pushing for new leadership at Suncor. However, Eight Capital analyst Phil Skolnick said the naming of Kruger was a surprise.
TD Securities analyst Menno Hulshof pointed out that Kruger has deep knowledge of the oilsands, with Imperial and Suncor having assets next to each other in the region and refineries in the same jurisdiction.
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