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Originally Posted by FormerPresJamesTaylor
This is one of the companies that are reacting to Danielle Smith being elected. They were waiting and now action.
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No...this has nothing to do with the election.
They changed CEO's because of lagging earnings in comparison to other oil giants.
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“As a company we needed to make changes that will strengthen our company for the future, and that includes our overall cost structure,” Seetal said by phone, adding the 1,500 job losses will be spread across the organization and will affect both employees and contractors.
Suncor has been under pressure from shareholders — including activist investor Elliott Investment Management — to improve its financial and share price performance, which has lagged its peers.
Earlier this spring, Kruger, the former CEO of Imperial Oil Ltd., was enticed out of retirement to take the reins of Suncor and try to turn around the oilsands giant.
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These cuts were always coming.