Summary
Imperial Oil Limited (IMO) has announced a significant leadership transition in its finance and administration department. P.A. (Paul) Smith, the current Senior Vice-President, Finance and Administration, and Treasurer, has announced his intention to retire effective April 30, 2010, after a dedicated tenure with the company. This departure marks the end of an era for Mr. Smith's contributions to Imperial Oil's financial operations. In a strategic move to ensure a smooth handover and leverage extensive experience, the Board of Directors has appointed P.J. (Paul) Masschelin as Mr. Smith's successor. Mr. Masschelin, currently the controller for ExxonMobil Refining and Supply Company and ExxonMobil Research and Engineering Company, will assume his new role as Senior Vice-President, Finance and Administration, and Treasurer starting May 1, 2010. This appointment highlights the strong ties between Imperial Oil and its majority shareholder, Exxon Mobil Corporation, as Mr. Masschelin comes from a wholly-owned subsidiary.
Key Highlights
- 1P.A. (Paul) Smith, Senior Vice-President, Finance and Administration, and Treasurer, is retiring effective April 30, 2010.
- 2P.J. (Paul) Masschelin has been appointed to succeed Mr. Smith as Senior Vice-President, Finance and Administration, and Treasurer.
- 3Mr. Masschelin's appointment is effective May 1, 2010, ensuring a seamless transition.
- 4Mr. Masschelin brings experience from ExxonMobil Refining and Supply Company and ExxonMobil Research and Engineering Company.
- 5Exxon Mobil Corporation, which owns 69.6% of Imperial Oil, has its subsidiaries as Mr. Masschelin's previous employers.
- 6A furnished news release (Exhibit 99.1) provides further details on Mr. Masschelin's background and the leadership change.