“There are a lot of things that my background, my experience, my personal attributes can bring to add value here,” said Kruger. — Bloomberg
NEW YORK: Suncor Energy Inc’s new chief executive officer (CEO) Rich Kruger came out of retirement to take the job.
Now that he’s been selected for the role, including with input from activist investor Elliott Investment Management LP, he plans to stay for the long haul and help revive the struggling Canadian oil producer.
He’s so committed, in fact, that he sold his house in Texas to move back to Suncor’s base in Calgary, the epicentre of Canada’s energy industry.
“This is home, and I plan to be here a while,” Kruger, 64, said in an interview at Suncor headquarters.
Kruger was named CEO in February after a seven-month search to replace Mark Little, who stepped down in July after a string of worker deaths and pressure from billionaire Paul Singer’s Elliott.
Two of the activist’s handpicked board members were on the committee that chose Kruger.
Kruger, who officially started as CEO on April 3, previously spent nearly four decades at Exxon Mobil Corp, including six years as CEO of the company’s Imperial Oil Ltd Canadian division.
“There are a lot of things that my background, my experience, my personal attributes can bring to add value here,” Kruger said.
One of his main tasks will be improving Suncor’s safety record, which he says has been hobbled by inconsistent adherence to systems that are generally sound.
“One of the things I’ve observed is that we have a bit of variability in the application,” Kruger said. — Bloomberg
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