CALGARY, Alb. -- Suncor Energy Inc. and Petro-Canada have announced the executive team that is expected to lead the combined company on closing of the proposed merger. "Strong strategic leadership with a breadth and depth of experience will be key to our future success," said Rick George, president and CEO of Suncor, who will assume the same role in the merged company.
Continuing as chief operating officer, Steve Williams' primary role will be to oversee competitiveness, cost-efficiency and process reliability in all of Suncor's operations, while ensuring a commitment to [image-nocss] safe and sustainable development continues to be a Suncor hallmark.
A senior executive-level operating committee of business leaders will report directly to Williams. Downstream, this includes Boris Jackman, who will assume the role of executive vice president of refining and marketing, continuing the downstream executive leadership role he has held with Petro-Canada since 1998. He will have overall responsibility for operations at four refineries, as well as industrial and retail marketing of refined products and lubricants under the Petro-Canada brand.
Also, Jay Thornton will assume the role of executive vice president of supply, energy trading and renewables, with responsibility for marketing, logistics and energy trading. He will also maintain his role as lead executive of the company's renewable energy strategies and development. Thornton is currently executive vice president of refining and marketing with Suncor.
As chief financial officer, Bart Demosky will direct financial operations, including investor relations and treasury and play a key role in ensuring Suncor has the financial strength necessary to support the merged company's significant growth potential. He is currently senior vice president of business services with Suncor. Andrew Stephens will assume the role of senior vice president of business services, responsible for enterprise-wide business services and integration of technology and processes, including supply chain management. Stephens currently serves as senior vice president of corporate relations for Petro-Canada.
Mark Little, currently senior vice president of strategic growth and energy trading for Suncor, will assume the role of senior vice president of strategy and integration with responsibility for co-leading the design and implementation strategies of merged processes, management systems and standards. He will be joined by Harry Roberts, who will become senior vice president of integration. He currently serves as executive vice president and CFO of Petro-Canada.
"Our goal is clear: to create Canada's premier integrated energy company with the assets and expertise to be a global competitor," said George. "We are looking to the experience and expertise of this new executive team to lead our efforts. I remain grateful to Ron Brenneman, who will continue on as executive vice chairman to help steward the integration of these two great companies and our many talented employees into a new Canadian energy leader that is more than the sum of its parts."
The new executive team will assume their positions only when all customary approvals are received and the merger closes. Until that time, current executive team members of Suncor and Petro-Canada will continue to provide leadership and guidance to their respective organizations.
A joint information circular and proxy statement is expected to be sent to all Suncor and Petro-Canada shareholders in early May. This document will include the proposed board.
Completion of the proposed merger is conditional on approval of Suncor and Petro-Canada shareholders, compliance with the Competition Act and satisfaction of other customary approvals including regulatory, stock exchange and Court of Queen's Bench of Alberta approvals. It is expected that the merger will be completed in the third quarter of 2009.
Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Along with its upstream operations, it operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66 brand. Suncor Energy (U.S.A.) Inc. is an authorized licensee of the Phillips 66 brand and marks in the state of Colorado. Sunoco in Canada is separate and unrelated to Sunoco in the United States, which is owned by Sunoco Inc., Philadelphia.
Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally.
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