Suncor announced late Friday that CEO Mark Little is stepping down as president and CEO and resigning from the board.
Chris Smith, currently Executive Vice President Downstream, was appointed Interim CEO.
“Suncor is committed to achieving safety and operational excellence in our business, and we must recognize where we have fallen short and recognize the critical need for change,” board chairman Michael Wilson said in a release. “We commend Mark for his professionalism and the outstanding work he has done 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 to the company and wish him every success.”
“Chris is an accomplished executive with 22 years of experience in our business,” added Mr. Wilson. “He is an extremely capable leader and has the full confidence of the board to serve as Suncor’s interim CEO.”
The release did not give a reason for Little’s departure.
In late April, activist investor Elliott Management called for changes to Suncor’s board and a review of its executive leadership. In a letter to the board, they criticized Suncor’s safety record. Since 2014, they said there have been 12 workplace deaths at Suncor sites, which Elliott said is more than all of the company’s closest business partners combined.
Another worker died Thursday at the Suncor Base Plant Mine north of Fort McMurray.
The US investment manager, which said it has a 3.4% economic interest in Suncor, including shares and cash-settled derivative contracts, wants to add five new independent directors to Suncor’s board as part of other major changes.
“Our investment in Suncor is supported by our belief that, with the right management, the company can regain its past success,” Elliott partner John Pike and portfolio manager Mike Tomkins wrote in the letter.
“Suncor’s integrated oil sands operations are a critical part of the global energy supply, and we believe these assets are dramatically undervalued.”
With files from The Canadian Press
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