20:06:58 EDT Tue 21 May 2024
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Suncor Energy Inc
Symbol SU
Shares Issued 1,312,058,958
Close 2023-06-01 C$ 38.54
Market Cap C$ 50,566,752,241
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Globe/CP say new Suncor boss gets out the chainsaw

2023-06-02 08:30 ET - In the News

The Globe and Mail reports in its Friday edition that Suncor Energy will cut 1,500 jobs by the end of the year, as new chief executive officer Rich Kruger forges ahead with his mandate to reduce costs and improve the company's lagging financial performance. A Canadian Press dispatch to The Globe says that employees were given the news Thursday afternoon, in a companywide e-mail from Mr. Kruger. The job reductions are new, and not part of the company's previously announced plan to reduce the size of its contractor work force by 20 per cent in an effort to improve safety and performance at its oil sands sites. The 1,500 job losses will be spread across the organization and will affect both employees and contractors. The reductions amount to about 9 per cent of the 16,558 employees that Suncor had at the end of 2022. However, that tally does not include contractors. The company has been under fire for a recent spate of operational issues and workplace safety incidents, including a string of deaths. Mr. Kruger said last month that he would "look hard and long at the work people do." Suncor employs people across the country, in the United States and internationally, with its corporate head office located in Calgary.

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