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Suncor Energy Inc
Symbol SU
Shares Issued 1,288,071,490
Close 2024-03-25 C$ 49.95
Market Cap C$ 64,339,170,926
Recent Sedar Documents

Globe says Suncor pays new CEO $36.8M in first year

2024-03-26 07:42 ET - In the News

The Globe and Mail reports in its Tuesday, March 26, edition that Suncor Energy paid former Imperial Oil chief executive officer Rich Kruger $36.8-million in 2023, his first year at the company. The Globe's David Milstead and Emma Graney write that Mr. Kruger, 63, joined Suncor in April, 2023, after pressure from an activist investor, stemming from lacklustre fiscal performance and a spate of safety incidents and worksite fatalities, led to the resignation of former CEO Mark Little the prior year. Mr. Kruger retired from Imperial Oil at the end of 2019 after a 39-year career with Exxon Mobil, Imperial Oil's U.S. parent company. His Suncor sign-on package, disclosed in the company's proxy circular to shareholders, included a grant of restricted stock valued at $23.11-million. Suncor said the award was "a direct replacement of the future compensation forfeited as a result of coming out of retirement to lead Suncor." When Mr. Kruger retired from Imperial Oil in 2019, the company said he had accumulated pension benefits it valued at just under $18-million. At the end of 2019, he also held unvested restricted stock in Imperial Oil and Exxon Mobil that was worth $31.3-million.

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