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
Biden Bans E&Ps from 625 Million Acres of Offshore Oil, Gas Leases
2025-01-06 - While the White House said the move doesn’t affect existing leases, oil and gas industry groups called excluding offshore waters “significant and catastrophic.”
Biden to Ban Offshore Oil, Gas Drilling in Vast Areas Ahead of Trump Term
2025-01-06 - The ban is set to affect 625 million acres of ocean but mostly covers areas without important drilling prospects.
Trump Prepares Wide-Ranging Plans to Boost Gas Exports, Oil Drilling
2024-11-26 - Sources say that Trump will lift Biden's pause on LNG export licenses, expedite drilling permits on federal land and boots auctions of offshore drilling leases.
US Offshore Driller Asks Judge to Block Insurers' Demands for $250MM Collateral
2024-12-12 - W&T Offshore has asked a federal judge to block insurance companies' demands for $250 million.
Hirs: Expansive Energy Policies Set to Shape 2025 Markets
2025-01-02 - The incoming administration’s policies on sanctions, tariffs, regulations and deportations will impact the oil and gas industry.
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.