Suncor and Petro-Canada Announce Proposed Executive Team for Merged Company
Calgary, April 22, 2009 - Suncor Energy Inc. (Suncor) and Petro-Canada
(Petro-Canada) today 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 chief executive officer of Suncor, who will assume the same role in the merged company. "Today, we announce the individuals, who will be an integral part of that bright future. We are fortunate to have incredible bench strength from leaders at both companies - not just at the executive team level, but straight through the whole organization."
Continuing as chief operating officer (COO), 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 safe and sustainable development continues to be a Suncor hallmark.
A senior executive-level operating committee of business leaders will report directly to Mr. Williams, including:
o Kirk Bailey will continue as executive vice president, Oil Sands, a position he has held with Suncor since 2007. His primary role is to lead improvements in safety, sustainability and competitiveness at the company's oil sands operation.
o Neil Camarta will assume the role of executive vice president, Natural Gas, responsible for the company's significant portfolio of natural gas-focused exploration and production activities in North America. Mr. Camarta currently serves as Petro-Canada's senior vice president, Oil Sands.
o Boris Jackman will assume the role of executive vice president, Refining and Marketing, continuing the downstream executive leadership role he has held with Petro-Canada since 1998. Mr. Jackman 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.
o Mike MacSween will become senior vice president, In-Situ, expanding his current role
leading Suncor's in-situ operations, a position he has held since April 2008. The
combined assets of Petro-Canada and Suncor form a significant growth platform for
growing in-situ oil sands recovery.
In addition to COO Steve Williams, Rick George's executive team will also include the following individuals.
o Peter Kallos will continue to lead the merged company's businesses in East Coast
Canada, the North Sea, Northern Latin America and North Africa as executive vice
president, International & Offshore, the same position Mr. Kallos currently holds with
Petro-Canada.
o Kevin Nabholz has led major project engineering, procurement and construction (EPC)
at Suncor since 2002 and will continue in this role in the merged company as executive
vice president, Major Projects. In this position, he is responsible for leading EPC for
growth projects across the corporation in the upstream, downstream and renewable
energy portfolios.
o Jay Thornton will assume the role of executive vice president, 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. Mr. Thornton is currently executive vice president, Refining and Marketing with Suncor.
o Sue Lee will continue to lead human resources, communications and stakeholder
relations as senior vice president, Human Resources and Public Affairs, ensuring the
strategies and programs to achieve the new company's growth potential are in place.
Ms. Lee currently holds this role at Suncor. She will also remain as chair of the Suncor Energy Foundation.
o 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. Mr. Demosky is currently senior vice president, Business Services with Suncor.
o Andrew Stephens will assume the role of senior vice president, Business Services
responsible for enterprise-wide business services and integration of technology and
processes, including supply chain management. Mr. Stephens currently serves as senior
vice president, Corporate Relations for Petro-Canada.
o Terry Hopwood will continue in the role of senior vice president and general counsel, a position he has held at Suncor since 2002. In this role, he is responsible for all legal matters across the corporation.
o Mark Little, currently senior vice president, Strategic Growth and Energy Trading for
Suncor, will assume the role of senior vice president, Strategy and Integration with
responsibility for co-leading the design and implementation strategies of merged
processes, management systems and standards.
o Mr. Little will be joined by Harry Roberts, who will become senior vice president,
Integration. He currently serves as executive vice president and chief financial officer 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 Mr. 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," Mr. George continued.
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 of Directors. A special meeting of Suncor and Petro-Canada shareholders will then be held on June 4, 2009 at the Wildrose Ballroom at the Sheraton Eau Claire in Calgary. The Petro-Canada meeting will be held at 9 a.m. and the Suncor meeting will be held at 1 p.m.
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.
For more information, visit [suncorpetro-canada.com].
ABOUT SUNCOR
Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta.
Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel, while operations throughout western Canada produce natural gas. Suncor operates a refining and marketing business in Ontario with retail distribution under the Sunoco brand. U.S.A. downstream assets include pipeline and refining operations in Colorado and Wyoming and retail sales in the Denver area under the Phillips 66® brand. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
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. of Philadelphia.
For further information about Suncor, please visit [suncor.com] or call
Investor inquiries: John Rogers, (403) 269-8670
Media inquiries: Shawn Davis, (403) 920-8379
ABOUT PETRO-CANADA
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. The Company creates value by responsibly developing energy resources and providing world class petroleum products and services. Petro-Canada is proud to be a National Partner to the Vancouver 2010 Olympic and Paralympic Winter Games. Petro-Canada's common shares trade on the Toronto Stock Exchange under the symbol PCA and on the New York Stock Exchange under the symbol PCZ.
For further information about Petro-Canada, please visit [petro-canada.ca] or call:
Investor inquiries: Ken Hall, (403) 296-7859
Media inquiries: Victoria Barrington, (403) 296-8589
