Two of the new directors will serve on a CEO search committee that has been tasked with finding a replacement for Mark Little, who announcedfrom the company on July 8 following the death of a worker at a Suncor worksite — the fifth workplace fatality for the company since 2020.
The board will also form a new committee to oversee a strategic review of Suncor’s downstream retail business, including the potential sale of its retail gas station network valued at between $5 billion and $8 billion, according to one National Bank of Canada estimate. Suncor’s retail group includes more than 1,500 gas stations and store locations operating under the Petro-Canada brand.
“These actions build on Suncor’s ongoing efforts to enhance safety, reliability and operational excellence and to restore Suncor’s industry leadership,” the company wrote in the news release.of the board of directors at the Calgary-based oilsands company. The U.S. investor publicly called for a review of management and assets, pointing to Suncor’s poor safety record in recent years, including an estimated 13 workplace deaths since 2014.
Suncor had initially appeared reluctant to consider the sale of its retail arm. Asked about Elliott’s proposed asset review during a conference call with investors on May 10, the company’s CEO boasted about the profitability of its retail business and dismissed the notion of getting out of distribution: “We think it’s important that it stay together,” Little said.Article content
Suncor’s share price opened at $41 Monday on news of the agreement with Elliott, up more than four per cent from the previous close.
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