Business
Suncor Board Announces Rich Kruger as New President and Chief Executive Officer
Alister Cowan, Chief Financial Officer, to retire at the end of the year Kris Smith to become Ch...
About this update from Suncor Energy Inc.
[{"type":"text","content":"Suncor Board Announces Rich Kruger as New President and Chief Executive OfficerAlister Cowan, Chief Financial Officer, to retire at the end of the yearKris Smith to become Chief Financial Officer and Executive Vice President of Corporate Development Calgary, Alberta--(Newsfile Corp. - February 21, 2023) - Suncor (TSX: SU) (NYSE: SU) today announced that its board of directors has unanimously selected Rich Kruger to be the company's next President and Chief Executive Officer, effective April 3, 2023. Mr. Kruger will also join the Suncor Board of Directors. The announcement follows a rigorous global search process conducted by a special committee of the Board. The committee undertook an extensive evaluation of a number of highly qualified candidates with the support of an international executive recruiting firm.\"Rich is a highly capable and seasoned CEO with an impressive track record of leading a safety culture,\" said Board Chair Mike Wilson. \"Known as a strong and engaging leader, Rich is well regarded for his strategic and commercial aptitude, and for his experience in the Canadian oil sands. The Board looks forward to working with Rich, as he provides the leadership to deliver world-class performance that maximizes shareholder returns.\" Rich Kruger had a long and successful career with Exxon Mobil Corporation for 39 years, leading Imperial Oil Limited as Chairman, President and CEO from 2013 through 2019 before retiring from the company. Mr. Kruger successfully drove a strong performance culture by focusing on safety, reliability and operational excellence - enabling the company to deliver exceptional financial results and unprecedented returns to shareholders. \"I am very excited and energized about the opportunity to lead Suncor into the next chapter,\" said Rich Kruger. \"Suncor has great people and assets. Combined with strong leadership and the right culture, we can leverage the company's competitive advantages to excel.\"Kris Smith, who has been the interim CEO since July 2022, will work with Mr. Kruger to facilitate a smooth leadership transition before assuming the role of Chief Financial Officer and Executive Vice President of Corporate Development, at the conclusion of Suncor's annual general meeting on May 9, 2023. Alister Cowan, the current CFO, plans to retire but has offered to remain with the company through...