Summary
Imperial Oil Ltd. announced a significant leadership transition, with current President B.W. (Brad) Corson set to retire at the company's annual meeting of shareholders on May 8, 2025. Corson will step down as president on April 1, 2025, and will conclude his roles as Chairman and CEO at the annual meeting. This transition marks the end of his tenure, during which he has guided the company through various operational and strategic periods. The board of directors has nominated J.R. (John) Whelan to be elected as a director at the upcoming annual meeting. Concurrently, Mr. Whelan has been appointed as the successor to Mr. Corson, slated to become President on April 1, 2025, and assuming the roles of CEO and Chairman of the Board following the annual meeting, provided he is elected as a director. Mr. Whelan brings extensive experience from Exxon Mobil Corporation, including a prior senior leadership role at Imperial Oil, positioning him to lead the company forward.
Key Highlights
- 1B.W. (Brad) Corson, current President, Chairman, and CEO, announced his retirement effective May 8, 2025.
- 2Corson will resign as President on April 1, 2025, and as Chairman and CEO at the conclusion of the 2025 Annual Meeting.
- 3J.R. (John) Whelan has been appointed as the successor CEO, President, and potentially Chairman.
- 4Whelan's appointment as President is effective April 1, 2025.
- 5Whelan is nominated for election as a director at the May 8, 2025 Annual Meeting.
- 6Whelan will assume CEO and Chairman roles contingent upon his election as director.
- 7Whelan's initial annual salary as President is set at CAD $671,460; other compensation details are pending.