Summary
Imperial Oil Ltd. (IMO) announced a significant leadership transition via an 8-K filing on September 17, 2019. R.M. (Rich) Kruger, the current Chairman and CEO, will retire at the end of December 2019. He has stepped down as president effective immediately but will continue in his executive leadership roles until his retirement. This marks the end of Mr. Kruger's tenure, during which he guided the company through various strategic initiatives. Concurrently, the board has appointed B.W. (Brad) Corson as the new president, effective September 17, 2019. Mr. Corson, who has extensive experience with ExxonMobil, including leadership roles in upstream ventures, is slated to assume the additional responsibilities of Chairman and CEO starting January 1, 2020. He has also been elected to the board of directors. This smooth transition signals a continuation of leadership with deep industry expertise.
Key Highlights
- 1R.M. (Rich) Kruger, Chairman and CEO, announced his intention to retire effective December 31, 2019.
- 2Mr. Kruger has resigned as president effective September 16, 2019, but will continue as Chairman and CEO until retirement.
- 3B.W. (Brad) Corson appointed as President effective September 17, 2019.
- 4Mr. Corson will assume the roles of Chairman and CEO effective January 1, 2020.
- 5Brad Corson has significant experience from ExxonMobil, including leadership in Upstream Ventures.
- 6Brad Corson has been elected to the Imperial Oil Limited board of directors, effective September 17, 2019.
- 7The leadership transition is accompanied by a company news release dated September 17, 2019.