Canada's premier integrated energy company Suncor Energy Inc. (SU,SU.TO) on Thursday announced Rick George's plan to retire as chief executive officer at the company's Annual General Meeting in May 2012.
The company appointed Steve Williams, chief operating officer since 2007, as the president and a member of the company's Board of Directors effective immediately. He will assume the role of chief executive officer upon George's retirement next May.
Williams joined Suncor in 2002 as executive vice president, corporate development and chief financial officer. He served as executive vice president, Oil Sands for four years where he was responsible for leading Suncor's oil sands operation through a significant period of growth. Williams has 35 years of international energy industry experience.
Commenting on George's retirement, John Ferguson, chairman of Suncor's Board of Directors, said, "During his 21 years as chief executive officer, Suncor has implemented game-changing technologies, merged with Petro-Canada, and increased production nearly ten-fold from 58,000 barrels per day in 1991."
Suncor noted that the latest announcement follows the achievement of a series of key milestones for the company, including a successful third quarter, which saw record production and earnings.
The company said it has a strong balance sheet, due to reliable performance, significant cash flow from its integrated operations and efforts to reduce debt.
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