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Suncor gives Elliott more time to add another director to board

Reuters
·1 min read

March 17 (Reuters) - Canada's Suncor Energy Inc said on Friday it has amended an agreement with Elliott Investment Management to give the activist investor more time until March 31 to appoint an additional director to the energy company's board.

Elliott has been pushing for organizational changes and strategic review at Suncor since disclosing a 3.4% stake in the company in April last year. As part of its agreement with Elliott in July 2022, Suncor appointed three independent directors to its board.

In January, the two parties had amended the agreement to extend the deadline to appoint another director until March 17 from Jan. 31.

Last month, Calgary, Alberta-based Suncor appointed former Exxon Mobil Corp executive Rich Kruger as its chief executive, replacing interim CEO Kris Smith.

(Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi Majumdar)