Suncor CEO Rich Kruger stepping down in 2027

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Or sign-in if you have an account.Suncor Energy Inc. chief executive Rich Kruger at the company's office building in downtown Calgary on May 9, 2023. Photo by Azin Ghaffari/Postmedia filesRich Kruger, an energy sector veteran with 40 years of experience, is leaving his position as chief executive of Suncor Energy Inc. next spring, the company announced Thursday.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountKruger, who began his career at ExxonMobil Corp. and its predecessor companies, will move on to become executive vice-chair at Suncor in April 2027. After a “rigorous succession process,” the company’s board selected Peter Zebedee, currently the company’s executive vice-president upstream, to take over as CEO, the company said.Kruger came out of retirement in 2023 to assume the top job at one of the country’s largest oil and gas producers after Suncor faced shareholder pressure for a change in leadership over safety problems and missed production targets.“You can expect an intense focus on costs, organizational efficiency and operational support,” Kruger said on his first call with analysts as Suncor’s CEO in May, 2023. “We will become a simpler and more focused organization.”Kruger’s predecessor, Mark Little, had resigned after a series of workplace deaths and production misses that appeared to frustrate some shareholders. At the time, the company had the worst safety record among its peers, with a dozen employees and contractors dying between 2014 and 2022.The activist Wall Street firm Elliott Investment Management LP had publicly taken aim at a “slow-moving, overly bureaucratic corporate culture” at Suncor.After a months-long search, the company hired Kruger, who had a long history in the oil and gas industry.He started his career in 1981 and worked in various roles at ExxonMobil, which eventually included a senior position overseeing the company’s global oil and gas production operations.In Calgary, Kruger led Imperial Oil Ltd., majority owned by ExxonMobil, from 2013 until his retirement in 2019.When he returned to the industry a few years later, Kruger moved quickly to assure Suncor’s shareholders that he would steer the company in a new direction.“I very much believe in making money,” he said during that first earnings call. “We are in the business to make money and as much of it as possible.“And everybody starting with me needs to see how they do that.”Over the course of 2026, Kruger has been making the case that the changes he imposed at the oilsands major were creating tangible results.In February, the company announced that worker injuries and incidents had dropped by 70 per cent in three years. The CEO said at the time that “2025 was the safest year in company history.”A month before that earnings call, a worker had died at Suncor’s Fort Hills mine north of Fort McMurray, Alta., after the equipment they were operating sank into muskeg. The company told The Canadian Press after the incident that it may have been the result of a medical event.It was the first workplace death under Kruger’s leadership. He said in February the company’s focus on safety had generally led to fewer incidents with lower severity.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.A month later, Suncor revealed during an investor event a series of proposed expansion projects that could dramatically boost production.Shareholders had been waiting for the company’s plans to replace its Base Plant mine, which is expected to be tapped out in the coming decade. Kruger revealed the company had identified projects at its existing assets — up to 400,000 barrels per day in production — to fuel a significant stage of growth.“We think those (projects) can compete, and will make economic sense, whether the company ultimately grows materially long-term, or if we were to stay in a world much like today, and we were to stay of a similar size,” Kruger said in an interview in March.In its latest quarter, Suncor more than tripled its profits to $3.7 billion, despite some operational challenges caused by weather. Heavy rains and snow melt in the Fort McMurray area put a dent in mining productivity and production during the second quarter, according to the company.Days after the earnings call, the company announced Kruger’s departure. Suncor chair Russ Girling on Thursday said Kruger “has transformed the company.”“During his tenure, Suncor has delivered record-breaking financial and operating results, including setting a new standard for safety,” Girling said in a release.The next CEO, Zebedee, is another veteran with 30 years in the industry. He was previously chief executive of LNG Canada, where he oversaw “one of the largest private-sector energy investments in Canadian history,” Suncor said in the release.He has been with Suncor since 2022.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.