Suncor CEO Rich Kruger steps down in April 2027, Peter Zebedee to take helm

Suncor Energy announced Thursday that CEO Rich Kruger will step down from the top job in April 2027 but remain with the oilsands giant as executive vice-chair.

Peter Zebedee will become chief executive at that time. In preparation for the role, Zebedee will become president and chief financial officer effective September 14. He is currently executive vice-president of upstream operations and previously served as CEO of LNG Canada before joining Suncor in 2022. He has more than 30 years in the oil and gas industry, including roles at Shell, Petro-Canada and Syncrude.

The transition comes a little over three years into Kruger's tenure as CEO, which began in April 2023. At the time, Suncor faced criticism for a poor safety record that included at least 12 workplace deaths in less than a decade. The company says Kruger established a new standard for safety at Suncor. A worker died in January, but it was deemed not workplace related.

Kruger also pushed to make the company more efficient and drive down costs. Suncor said in its second-quarter results released Tuesday that the price it breaks even on a barrel of oil is down by $10 US since 2023.

"With the transformation of Suncor successfully institutionalized, I look forward to continuing to work with the executive leadership team as I transition to my new role," Kruger said in the company announcement.

Desjardins analyst Robert Mann said Kruger's move from the CEO role came sooner than expected but doesn't see it having a big effect on the company. "Both the timing of the succession plan and Mr. Kruger maintaining an active role with the company as executive vice-chair should help remove some uncertainty for investors," Mann said. "Zebedee's work on the production side at Suncor, and his increased visibility in the investment community, positioned him as a natural successor."

The company also announced CFO Troy Little has left Suncor, though it did not provide details about his departure. Other leadership changes include Adam Albeldawi moving to fill Zebedee's role as executive vice-president of upstream operations, and Shelley Powell becoming executive vice-president of development and projects.