Rich Kruger, chief executive officer of Suncor Energy Inc., will step down from his role in April 2027 and transition to executive vice-chair of the company’s board. Kruger, who was brought out of retirement in 2023 amid activist investor pressure, will be succeeded by Peter Zebedee, currently Suncor’s executive vice-president of upstream operations and former CEO of LNG Canada.
Kruger’s appointment came during a challenging period for Suncor, which faced an activist campaign led by Elliott Investment Management LP calling out declining oil sands production, rising operating costs, underperforming stock, and a poor safety record. The turmoil led to the resignation of former CEO Mark Little in 2022. Under Kruger’s leadership, the company has undergone a notable turnaround, with oil sands production and profits increasing significantly. Since Kruger took the helm, Suncor’s stock price has risen by nearly 80 percent, supported by record-breaking quarterly results, including those announced earlier this week for the second quarter.
Industry analysts have highlighted the transformation at Suncor as substantial. Menno Hulshof, managing director of equity research at TD Cowen, described the company’s current performance as “night and day” compared to 2023, noting improvements in operational efficiency and profitability. Hulshof credited Kruger for eliminating redundancies and implementing changes that have maximized margins from production. He also noted a shift in corporate culture marked by greater accountability and strengthened executive leadership.
Suncor’s strategic goals have also been raised following the turnaround. By 2028, the company aims to increase free cash flow by $2 billion, lower the breakeven cost per barrel of oil by US$5 to $38, and expand refining capacity by 10 percent to 511,000 barrels per day. Elliott Investment Management praised Kruger’s leadership as bringing “profound transformation” and expressed confidence in Zebedee’s operational expertise as the appropriate foundation to lead Suncor’s next phase.
Kruger is known for his direct style and use of vivid analogies during earnings calls. Early in his tenure, he stirred controversy by criticizing the company’s previous emphasis on the long-term energy transition, leading to a parliamentary committee summons. Nonetheless, his communication has been described as engaging and effective in explaining complex matters.
Peter Zebedee will assume the roles of president and CEO on September 14, also becoming chief financial officer. He will replace Troy Little, who recently departed the company without a stated reason. To fill the void left by Zebedee, Adam Albeldawi, Suncor’s chief human resources officer and senior vice-president of external affairs, will take over as executive vice-president of upstream. Shelley Powell, currently senior vice-president of operations improvement and support services, has been appointed executive vice-president of development and projects.
Former Suncor chief sustainability officer Martha Hall Findlay characterized Kruger as a demanding leader whose rigorous approach has driven the company’s improved results. She also expressed support for Zebedee’s promotion, calling it a positive move for Suncor’s continuity and future growth.