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Suncor reaches deal with activist investor Elliott Investment Management

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Suncor Energy Inc. says it has reached a deal with activist investor Elliott Investment Management LP that will see it undertake a strategic review of its downstream retail business with the goal of “unlocking shareholder value.”

The new board members are former BHP Billiton executive Ian Ashby, former Devon Canada president Chris Seasons and former Talisman Energy executive Jackie Sheppard.

Elliott had expressed frustration in April in what it called a recent decline in performance at the energy producer. The review of Suncor’s retail business will include a range of alternatives including a potential sale of the operations. Suncor chief executive Mark Little resigned earlier this month, one day after the company announced the death of a contractor at its Base Mine north of Fort McMurray, Alta., the latest in a string of workplace deaths and safety incidents that have plagued the energy giant.

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