Suncor, Elliott Investment Management agree to name three directors

The new board directors are Ian Ashby, Chris Seasons and Jackie Sheppard.

  • Ashby is a former president of BHP Billiton’s Iron Ore Customer Sector Group
  • Seasons is a former president of Devon Canada and partner with ARC Financial Corporation
  • Sheppard is a former executive vice president, corporate and legal affairs with Talisman Energy Inc

Calgary-based energy company Suncor has inked an agreement with US hedge fund Elliott Investment Management to appoint three new independent directors to its board. They are Ian Ashby, Chris Seasons and Jackie Sheppard.

The board will also form a new committee to oversee a strategic review of Suncor’s downstream retail business. With support of external advisors, this review will evaluate and consider a wide range of alternatives, from a potential sale of the business to options to enhance the value of our retail business.

Ashby is a former president of BHP Billiton’s Iron Ore Customer Sector Group. Seasons is a former president of Devon Canada and partner with ARC Financial Corp, a Canadian energy private equity firm. And, Sheppard is a former executive vice president, corporate and legal affairs with Talisman Energy.

Also, the board has formed a CEO search committee, led by board director Eira Thomas and including newly appointed directors Seasons and 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,” said Board Chair Michael Wilson, in a statement. “Ian, Chris and Jackie bring valuable expertise to the Board, and we are confident Suncor shareholders will benefit greatly from their operational and commercial experience. In addition, the Board’s review of the retail business builds on our long-standing commitment to openly consider alternatives to enhance shareholder value and will help ensure the company is well positioned for even greater success and value creation in the future.”