Suncor Energy Inc. said on July 8 its CEO, Mark Little, has stepped down after a string of fatalities at Canada’s third-largest oil producer.
Little was also stepping down as president and resigning from the board effective immediately, the Calgary, Alberta-based company said in a statement.
Kris Smith, the company’s executive vice president of downstream will replace Little as interim CEO, while the board launches a search for a permanent replacement.
Little’s resignation comes a day after a worker was killed at Suncor’s oil sands base plant in northern Alberta. It was the second fatality at a Suncor site this year and the 13th since 2014.
“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,” board chair Michael Wilson said in a statement.
Little, who became Suncor CEO in 2019 after serving as COO, has been under pressure to fix safety and operational issues. He told investors in February he took full responsibility for fatalities on Suncor sites and vowed to improve operations.
In April U.S.-based activist investment firm Elliot Management disclosed a 3.4% stake in Suncor and urged the company to install new board directors, overhaul management and begin a strategic review, noting that Suncor’s share price was lagging its peers.
Elliot’s public criticism increased scrutiny of Little’s performance as CEO.
In 2020 Suncor was overtaken by rival Canadian Natural Resources Ltd. as Canada’s most valuable energy company.
In addition to the fatalities, the company disappointed investors by making a major dividend cut in 2020, repeatedly missing production guidance and running into operational issues at its new Fort Hills oil sands mine that have delayed the project reaching full production capacity.
Recommended Reading
SM Energy Adds Petroleum Engineer Ashwin Venkatraman to Board
2024-12-04 - SM Energy Co. has appointed Ashwin Venkatraman to its board of directors as an independent director and member of the audit committee.
Baker Hughes Wins Contracts for Woodside’s Louisiana LNG Project
2024-12-30 - Bechtel has ordered gas technology equipment from Baker Hughes for the first phase of Woodside Energy Group’s Louisiana LNG development.
Chevron Names Laura Lane as VP, Chief Corporate Affairs Officer
2025-01-13 - Laura Lane will succeed Al Williams in overseeing Chevron Corp.’s government affairs, communication and social investment activities.
Plains All American Prices First M&A Bond of Year
2025-01-13 - U.S. integrated midstream infrastructure company Plains All American Pipeline on Jan. 13 priced a $1 billion investment-grade bond offering, the year's first to finance an acquisition.
Gigablue Enters CCS Agreement with Investment Firm SkiesFifty
2025-01-14 - Carbon removal company and investment firm SkiesFifty have partnered to sequester 200,000 tons of CO2 over the next four years.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.