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  • Suncor (SU) has signed an agreement with Elliott Investment Management L.P
  • The agreement entitles Suncor’s Board of Directors to appoint three new independent directors, two of whom will serve on the CEO search committee
  • The Board will also form a new committee to oversee a strategic review of Suncor’s downstream retail business
  • Also, Suncor will embark on a strategic review of its downstream retail business with the goal of unlocking shareholder value
  • Suncor Energy Inc is an integrated energy company
  • Suncor Energy Inc. opened trading at $39.32 per share

Suncor (SU) has signed an agreement with Elliott Investment Management L.P.

The agreement entitles Suncor’s Board of Directors to appoint three new independent directors, two of whom will serve on the CEO search committee.

The Board will also form a new committee to oversee a strategic review of Suncor’s downstream retail business.

As part of its agreement with Elliott, Suncor has appointed three new independent directors to its Board: Ian Ashby, Chris Seasons, and Jackie Sheppard. Their appointment takes effect immediately.

Also, Suncor will embark on a strategic review of its downstream retail business with the goal of unlocking shareholder value.

As announced earlier, the Board has formed a CEO search committee, led by Board director Eira Thomas and including newly appointed directors Chris Seasons and Jackie Sheppard, to oversee the global search to select the company’s next chief executive officer.

“Suncor is committed to the ongoing renewal of its Board of Directors to ensure we maintain diverse and qualified directors who are charged with overseeing the company’s strategy and driving shareholder value,” stated Board Chair Michael Wilson.

“The top priority for Suncor’s leadership team is forging ahead with our plans to improve our safety and operating performance,” said Interim chief executive officer Kris Smith.

The agreement with Elliott contains customary standstill, voting and other provisions.

Elliott and Suncor have also signed an information-sharing agreement which empowers Elliott to receive information and share its views regarding the CEO search process.

Suncor Energy Inc is an integrated energy company whose operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the U.S., and PetroCanada retail and wholesale distribution networks.

Suncor Energy Inc. opened trading at $39.32 per share.

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