Suncor Energy (TSX: SU) is under new management following the resignation of CEO Mark Little. Little is departing the company following an agreement being met with the board of directors, whereby he will also depart from the board effective immediately.
In the interim, Kris Smith, whom is VP, Downstream, has been named as interim CEO while a formal search gets underway globally to find a suitable replacement. Both internal and external persons are reportedly to be considered for the role.
The termination of Little appears to be related to his recent safety record, with board chair Michael Wilson commenting, “Suncor is committed to achieving safety and operational excellence across our business, and we must acknowledge where we have fallen short and recognize the critical need for change.”
The departure follows the death of a contractor worker at the Base Plant site near Fort McMurray, Alberta on Thursday, for which an investigation remains ongoing. The death is the second this year at the Base Plant site, with the first, on January 6, occurring when a heavy haul truck rear-ended a second heavy haul truck.
“We commend Mark for his professionalism and the exceptional work he did to guide Suncor through the pandemic and lead our sector’s progressive approach to the energy transition. We thank him for his years of service with the company and wish him well,” Wilson continued.
Little first joined Suncor in 2008, eventually being name CEO in 2019.
Suncor Energy last traded at $42.43 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
