Cenovus announces President & Chief Executive Officer succession
February 16 2023 - 6:00AM
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that as
part of the company’s leadership succession plan, Alex Pourbaix
will shift to the role of Executive Chair and Jon McKenzie, the
company’s current Executive Vice-President & Chief Operating
Officer, will become President & Chief Executive Officer. These
changes will take effect at the conclusion of the company’s annual
general meeting (AGM) scheduled for April 26, 2023. At the AGM,
McKenzie will be nominated for election to the Board of Directors.
“Under Alex’s exceptional direction, Cenovus has transformed
into a resilient, integrated energy leader. Externally, Alex goes
above and beyond as a tireless advocate for the Canadian energy
industry,” said Keith MacPhail, Chair of the Board. “The Board has
dedicated significant time to ensuring Cenovus has a strong
internal succession plan and Alex has guided the development of
excellent CEO candidates. We are confident that Jon’s breadth of
experience, together with Alex’s ongoing commitment to the company,
position Cenovus well to deliver on the strategy that’s been
established and achieve continued success.”
“One of Cenovus’s greatest strengths is the company’s
exceptionally talented people and I’m very proud of what we’ve been
able to achieve together,” said Pourbaix. “Jon – with his
leadership strength, strategic vision, financial discipline,
commercial acumen and knowledge of the business – is more than
ready for the President & CEO role. I’m excited to continue
working closely with Jon to support Cenovus and our industry as
Executive Chair.”
McKenzie has more than three decades of finance and operations
experience, primarily in the Canadian oil and natural gas industry.
He joined Cenovus in 2018 as Chief Financial Officer, and was
instrumental in Cenovus's strategic merger with Husky Energy, where
he served as Chief Financial Officer from 2015 to 2018.
“I am moving to this role at a time when the company is well
positioned to thrive through any cycle,” said McKenzie. “That’s a
credit to Alex’s leadership and his vision for Cenovus. His
decision to move to the Executive Chair role shows his dedication
to the company’s long-term success.”
As Executive Chair, Pourbaix will be responsible for providing
leadership to the Board and ensuring ongoing strong governance,
while supporting management’s execution of the company’s strategy.
Pourbaix will also remain focused on external matters relevant to
Cenovus and the industry, including advancement of policy that
supports a competitive Canadian energy sector and ongoing
leadership with the Pathways Alliance.
After five years as a director, including three as Chair,
MacPhail has decided to retire from the Cenovus Board as of this
year’s AGM.
“On behalf of the company and the Board of Directors, I want to
thank Keith for his leadership and commitment to the Board, and our
employees, communities and stakeholders,” said Pourbaix. “Keith led
the company through a period of significant transformation,
accelerated its growth and was a key voice in developing our
strategy, which we believe will support our continued success.”
With Pourbaix taking on the role of Executive Chair, Claude
Mongeau will assume the role of Lead Director to ensure the Board
continues to operate independently. Mongeau, a Cenovus Board member
since December 2016, will also be available to engage with
shareholders and other key stakeholders on behalf of the Board.
“The role of Lead Director is important to ensure independence
and strong corporate governance continues to be a hallmark of the
Board,” said MacPhail. “With Alex and Claude leading the Board, and
Jon as President & CEO, the company remains well served by
exemplary leaders. It has been an honour and privilege to lead this
Board and I could not be prouder of the accomplishments we have
delivered during my tenure.”
Cenovus Energy Inc. Cenovus Energy Inc. is
an integrated energy company with oil and natural gas production
operations in Canada and the Asia Pacific region, and upgrading,
refining and marketing operations in Canada and the United States.
The company is focused on managing its assets in a safe, innovative
and cost-efficient manner, integrating environmental, social and
governance considerations into its business plans. Cenovus common
shares and warrants are listed on the Toronto and New York stock
exchanges, and the company’s preferred shares are listed on the
Toronto Stock Exchange. For more information, visit
cenovus.com. Find Cenovus on Facebook,
Twitter, LinkedIn, YouTube and
Instagram.
Cenovus contacts
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