A source familiar with Elliott Investment Management LP told The Globe and Mail that the hedge fund was pleased the board went with an external CEO candidate
has gone outside the company to choose a new chief executive officer, appointing oil and gas veteran Rich Kruger to the top job as it bows to pressure from U.S.-based activist investor Elliott Investment Management LP., will take the reins of the Calgary-based energy giant on April 3, following a months-long search to replace Mark Little, who resigned as CEO last July, following a spate of safety incidents and worksite fatalities.
Mr. Kruger was president and CEO of Imperial from 2013 until his retirement in 2019, the culmination of his 39-year career with U.S. parent company Exxon Mobil CorpUnder his leadership, Imperial sold off close to 500 company-owned Esso retail stations in Canada in 2016, bolstering profits. Mr. Bouvier said Mr. Kruger’s appointment was a positive change for Suncor, particularly because the new CEO “brings considerable oil sands experience and a strong history of operational safety to the role.”
Mr. Skolnick added Mr. Kruger was “held in high regard” by the investment community during his time at Imperial, and said investors are likely to expect a “complete positive change” in the safety culture at Suncor under his leadership. Imperial announced it would go ahead with Aspen late in 2018, within months of finally winning approval for the $2.6-billion project. But it was put on hold in March, 2019, because of what Mr. Kruger called market uncertainty caused in part by the then-NDP provincial government’s oil production curtailment program, enacted in January of that year to reduce a glut of oil trapped in the province by output outgrowing pipeline capacity.
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