Newspaper article The Canadian Press

Canadian Oil Sands Appoints New CEO, Sets $1.1-Billion 2014 Capital Budget

Newspaper article The Canadian Press

Canadian Oil Sands Appoints New CEO, Sets $1.1-Billion 2014 Capital Budget

Article excerpt

Canadian Oil Sands appoints new CEO

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CALGARY - Canadian Oil Sands Ltd. (TSX:COS) has picked a replacement for outgoing CEO Marcel Coutu.

Ryan Kubik, a 20-year industry veteran who has been the company's chief financial officer since 2007, will become the new top executive when Coutu retires in the new year, the company announced Monday.

"Over the last several months, the board has conducted a thorough and comprehensive process. The board utilized an international executive search firm and conducted extensive interviews with a number of candidates," chairman Donald Lowry said in a release.

"Ryan's leadership skills, knowledge of the industry and business acumen make him the ideal candidate to lead COS into our next phase of development."

Rob Dawson, vice president of finance, has been promoted to take Kubik's place as CFO.

Canadian Oil Sands has a 37 per cent stake in the massive Syncrude oilsands mining operation north of Fort McMurray, Alta. Other partners include Imperial Oil Ltd. (TSX:IMO), Suncor Energy Inc. (TSX:SU), two Chinese state-owned firms, Mocal Energy and Murphy Oil.

Also Monday, Canadian Oil Sands said it expects its share of 2014 capital spending at Syncrude will be $1.1 billion, most of which will be on projects already underway.

When the company announced its third-quarter results in October, it said it expected $1. …

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