CEO of Canada’s Suncor Energy steps down after latest site fatality

President and CEO of Suncor Energy Mark Very little speaks at the TD Securities Calgary Electrical power Conference in Calgary, Alberta, Canada, July 9, 2019. REUTERS/Todd Korol

July 8 (Reuters) – Suncor Electrical power Inc (SU.TO) said on Friday its chief government, Mark Little, has stepped down just after a string of fatalities at Canada’s third-major oil producer.

Minor was also stepping down as president and resigning from the board productive right away, the Calgary, Alberta-based mostly business mentioned in a assertion.

Kris Smith, the firm’s govt vice president of downstream will replace Tiny as interim CEO, when the board launches a research for a everlasting replacement.

Little’s resignation arrives a day after a worker was killed at Suncor’s oil sands base plant in northern Alberta. It was the next fatality at a Suncor web site this year and the thirteenth considering the fact that 2014. go through a lot more

“Suncor is dedicated to obtaining basic safety and operational excellence across our business enterprise, and we have to acknowledge the place we have fallen brief and realize the vital will need for improve,” board chair Michael Wilson said in a statement.

Minor, who turned Suncor CEO in 2019 right after serving as chief operating officer, has been beneath stress to deal with protection and operational challenges. He explained to buyers in February he took whole obligation for fatalities on Suncor websites and vowed to enhance functions. read through far more

In April U.S.-centered activist investment firm Elliot Management disclosed a 3.4% stake in Suncor and urged the company to install new board administrators, overhaul administration and begin a strategic review, noting that Suncor’s share cost was lagging its peers.

Elliot’s public criticism elevated scrutiny of Little’s performance as main government. browse extra

In 2020 Suncor was overtaken by rival Canadian Pure Means Ltd (CNQ.TO) as Canada’s most valuable vitality organization.

In addition to the fatalities, the company let down buyers by earning a big dividend slash in 2020, consistently lacking production steering and managing into operational issues at its new Fort Hills oil sands mine that have delayed the venture reaching full output potential.

Reporting by Abinaya Vijayaraghavan in Bengaluru Editing by Sandra Maler and William Mallard

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