Suncor names former Imperial chief Rich Kruger as new CEO amid shareholder pressure yyc
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The oilsand firm’s board of directors unanimously selected Rich Kruger to be Suncor’s next chief executive officer and president, starting April 3, the company said in a release. Interim CEO Kris Smith will assume the role of chief financial officer and executive vice president of corporate development and current CFO, Alister Cowan, will retire at the end of the year.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.
He takes the helm at Suncor at a critical moment for the company as it tries to turn the page on a period dogged by safety problems and missed production targets.Article content Suncor launched its search for a new CEO last July after Little resigned on the heels of a series of workplace deaths and production misses that had frustrated some shareholders, including activist U.S. investor Elliott Investment Management.
The Wall Street Firm began an aggressive push for change at the company last April and was perceived to be a driving force behind Little’s ejection. Elliott had publicly blamed Suncor’s problems on the “slow-moving, overly bureaucratic corporate culture” under Little — and the investment firm was“Rich is a highly capable and seasoned CEO with an impressive track record of leading a safety culture,” said Suncor board chair Mike Wilson in a Feb. 21 statement.
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