Suncor's truce with activist investor faces test as CEO search drags on mpotkins
Suncor promised changes, but there are signs that some shareholders may be losing patience with the company’s commitment to revamping its leadership.
The investment firm has been laser-focused on a change in company leadership, having previously blamed Suncor’s problems on a “slow-moving, overly bureaucratic corporate culture” under Little’s tenure — and may now be agitating to see an outsider selected to helm the company, according to one source familiar with the situation.News on the CEO search could be imminent.
Questions are also being raised about why Suncor didn’t appear to have a permanent succession plan in place when Little resigned. Leblanc said good companies should have an emergency plan for an interim period and a permanent plan for succession in the works at all times. “Good boards have a permanent plan so they are not caught flat footed,” he said.
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