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The CEO of Suncor Energy resigns after the most recent workplace death

Skylar Williams

Jul 11, 2022 11:08

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After a series of terrible mishaps at Canada's third-largest oil producer, Suncor Energy Inc. announced on Friday that CEO Mark Little has resigned.


Little was also stepping down from his roles as president and board member, according to a statement from the Calgary, Alberta-based company.


While the board seeks for a permanent successor, Kris Smith, the company's executive vice president of downstream, will succeed Little as temporary CEO.


Little announced his resignation one day after a worker was murdered at Suncor's oil sands base facility in northern Alberta. It was the second fatality at a Suncor facility in 2018, and the twelfth since 2014.


Michael Wilson, the chair of the board, said in a statement, "Suncor is dedicated to attaining safety and operational excellence across our whole company, and we must recognise where we have fallen short and the crucial need for change."


Little, who joined Suncor's CEO in 2019 after serving as COO, is under pressure to address safety and operational challenges. He reminded investors in February that he took full responsibility for deaths at Suncor locations and committed to enhance operations.


Elliot Management, a U.S.-based activist investment fund, announced a 3.4% holding in Suncor in April and encouraged the corporation to install new board members, restructure management, and conduct a strategy review due to Suncor's lagging share price.


As a consequence of Elliot's public criticism, Little's work as chief executive officer was scrutinized more closely.


Canadian Natural (NYSE:CNQ) Resources Ltd overtook Suncor in 2020 as the country's most valued energy firm.


In addition to the deaths, the firm displeased investors by lowering its dividend by a substantial amount in 2020, consistently missing its production projections, and experiencing operational challenges at its new Fort Hills oil sands mine, which have delayed the completion of the project.


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