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Suncor (SU) CEO Steps Down Following New Death at Worksite
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The chief executive officer (“CEO”) of the Canadian integrated oil company Suncor Energy (SU - Free Report) , Mark Little, has resigned from his position following a fatality at the company’s oilsands operations worksite. The Alberta-based firm stated that Little also stepped down as the president and resigned from the company’s board.
The news of the CEO’s departure came a day after SU announced last week that a contractor worker was fatally injured and succumbed to death at its Base Plant site situated in the north of Fort McMurray, Alberta. The death of the worker is the second fatality at the site this year and the latest occurrence in a series of workplace injuries and deaths at Suncor. Moreover, since 2014, 13 employees or contractors have died in accidents at SU’s sites.
Little, who had been in the position for just three years, will be replaced by Kris Smith, Suncor’s executive vice president of downstream businesses. Smith will take over as the interim CEO, while the board launches a search for a permanent replacement.
SU’s board chair, Michael Wilson, mentioned that the company is committed to accomplishing safety and operational excellence across Suncor’s operations and that there must be the acknowledgment of the company’s failure, recognizing the critical need for a change.
Little's resignation comes less than three months after Elliott Investment Management, an activist investment firm that owns a 3.4% interest in Suncor, had written a letter asking for a revamp of SU's board and management. Elliot also emphasized the company's safety track record, along with other major operational challenges, and argued that Suncor shares have underperformed, though crude prices have risen to multi-year highs.
To find a permanent candidate for SU’s top executive role, the company’s board has formed a committee to conduct a global search and is also engaging a global executive recruiting firm to help with the process.
Founded in 1917, Suncor Energy, Inc. is Canada's premier integrated energy company. The company's operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining and product marketing. SU is one of the largest owners of oil sands worldwide. The company gained new oil sands properties to supplement its existing operations in northern Alberta, making it the dominant producer in the region, where reserves are second only to Saudi Arabia.
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Suncor (SU) CEO Steps Down Following New Death at Worksite
The chief executive officer (“CEO”) of the Canadian integrated oil company Suncor Energy (SU - Free Report) , Mark Little, has resigned from his position following a fatality at the company’s oilsands operations worksite. The Alberta-based firm stated that Little also stepped down as the president and resigned from the company’s board.
The news of the CEO’s departure came a day after SU announced last week that a contractor worker was fatally injured and succumbed to death at its Base Plant site situated in the north of Fort McMurray, Alberta. The death of the worker is the second fatality at the site this year and the latest occurrence in a series of workplace injuries and deaths at Suncor. Moreover, since 2014, 13 employees or contractors have died in accidents at SU’s sites.
Little, who had been in the position for just three years, will be replaced by Kris Smith, Suncor’s executive vice president of downstream businesses. Smith will take over as the interim CEO, while the board launches a search for a permanent replacement.
SU’s board chair, Michael Wilson, mentioned that the company is committed to accomplishing safety and operational excellence across Suncor’s operations and that there must be the acknowledgment of the company’s failure, recognizing the critical need for a change.
Little's resignation comes less than three months after Elliott Investment Management, an activist investment firm that owns a 3.4% interest in Suncor, had written a letter asking for a revamp of SU's board and management. Elliot also emphasized the company's safety track record, along with other major operational challenges, and argued that Suncor shares have underperformed, though crude prices have risen to multi-year highs.
To find a permanent candidate for SU’s top executive role, the company’s board has formed a committee to conduct a global search and is also engaging a global executive recruiting firm to help with the process.
Founded in 1917, Suncor Energy, Inc. is Canada's premier integrated energy company. The company's operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining and product marketing. SU is one of the largest owners of oil sands worldwide. The company gained new oil sands properties to supplement its existing operations in northern Alberta, making it the dominant producer in the region, where reserves are second only to Saudi Arabia.
Suncor currently sports a Zacks Rank #1 (Strong Buy). Investors interested in the energy space might also look at the following companies — Gibson Energy (GBNXF - Free Report) , Cenovus Energy (CVE - Free Report) and Imperial Oil (IMO - Free Report) — each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Gibson’s 2022 earnings stands at 98 cents per share, up about 27.3% from the year-ago earnings of 77 cents.
GBNXF is valued at around $2.76 billion.
The Zacks Consensus Estimate for Cenovus Energy’s 2022 earnings is pegged at $2.83 per share, up 249.4% from the year-ago earnings of 81 cents.
The Zacks Consensus Estimate for CVE’s 2022 earnings has been revised 4% upward over the past 60 days.
The Zacks Consensus Estimate for Imperial Oil’s 2022 earnings stands at $7.87 per share, up about 183% from the year-ago earnings of $2.78.
The Zacks Consensus Estimate for IMO’s 2022 earnings has been revised about 15.5% upward over the past 60 days from $6.81 per share to $7.87.