8-KLeadership ChangesExhibits & Filings

IMPERIAL OIL LTD 8-K Report, Executive Changes (Feb 13, 2025)

Filed February 13, 2025For Securities:IMO

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.

Frequently Asked Questions

J.R. (John) Whelan has been appointed as the successor to B.W. (Brad) Corson. He will become President on April 1, 2025, and is slated to become CEO and Chairman of the Board at the conclusion of the 2025 Annual Meeting on May 8, 2025, provided he is elected as a director.

The leadership transition will occur in stages. B.W. (Brad) Corson will step down as President on April 1, 2025. He will fully retire as Chairman and CEO at the conclusion of the 2025 Annual Meeting of Shareholders on May 8, 2025, at which point J.R. (John) Whelan will assume these roles, pending his election as a director.

J.R. (John) Whelan, 59, has a strong background in the energy sector. He is currently Senior Vice-President, Conventional and Heavy Oil at ExxonMobil Upstream Company. Prior to that, he held other leadership roles at Exxon Mobil Corporation and previously served as Senior Vice-President of Imperial's upstream operations from 2017 to 2020.

J.R. (John) Whelan's determined annual salary for 2025 is CAD $671,460. Details regarding other compensation components, such as restricted stock units, have not yet been determined and will be disclosed at a later time.