- Alex Pourbaix will continue as President and CEO of Cenovus Energy (CVE) following the business combination deal with Husky Energy
- The new leadership team will consist of senior executive figures from both Cenovus and Husky
- Husky’s Jeff Hart will act as Executive Vice-President and Chief Financial Officer, while Cenovus’ Jon McKenzie will take the role of Executive Vice-President and Chief Operating Officer
- The two companies announced the agreement on October 25, under which Cenovus will acquire a 61 per cent stake in Husky
- Cenovus Energy is currently down 0.83 per cent to C$5.99 per share
Alex Pourbaix will continue as President and CEO of Cenovus Energy (CVE) following the business combination deal with Husky Energy.
The new leadership team consists of senior executive figures from both Cenovus and Husky, and will take effect immediately upon closing of the transaction.
In addition to Alex remaining at the helm, Jeff Hart – currently Chief Financial Officer of Husky – will act as Executive Vice-President and Chief Financial Officer, while Jon McKenzie – Cenovus’ Chief Financial Officer – will take the role of Executive Vice-President and Chief Operating Officer.
Keith Chiasson – Cenovus’ Executive Vice-President of Downstream – will hold the same position, and Andrew Dahlin – Husky’s Executive Vice-President of Downstream and Midstream – will act as Executive Vice-President of Safety and Operations Technical Services at Cenovus.
Likewise, Cenovus’ Norrie Ramsay will stay on as Executive Vice-President of Upstream, Kam Sandhar will act as Executive Vice-President of Strategy and Corporate Development, and Sarah Walters will act as Executive Vice-President of Corporate Services.
“We believe it is important to move forward and establish the leadership team for the combined company to ensure we are well-positioned to begin capturing the synergies of this deal immediately after closing,” Alex said.
“Having a strong and experienced leadership team in place on day one is critical as we work to build a more integrated and resilient company that is well-positioned to succeed as a Canadian energy leader in the years ahead,” he added.
Under the terms of the merger, which was announced on October 25, Husky shareholders will receive 0.7845 of a Cenovus share plus 0.0651 of a share purchase warrant in exchange for each Husky share held.
The all-stock deal implies a transaction equity value for Husky of roughly C$3.8 billion, and will result in Husky shareholders owning a 39 per cent stake in the resulting entity, with Cenovus acquiring the 61 per cent majority stake.
Cenovus Energy is currently down 0.83 per cent to C$5.99 per share at 10:16am EST.
