- Push-out Score determined
- After almost seven years in the position
- Accolades, praise and thanks for Kruger
- Brad Corson taking over
(exechange) — Calgary, Alberta, Canada, September 17, 2019 — Rich Kruger, chief executive of Imperial Oil, leaves. As announced by Imperial Oil Ltd. in a news release and in a regulatory filing published on Tuesday, September 17, 2019, R.M. (Rich) Kruger leaves his post as chief executive officer at the Canadian petroleum company after almost seven years in the role, effective December 31, 2019.
Rich Kruger’s duties as CEO will be taken over by B.W. (Brad) Corson, most recently president of ExxonMobil Upstream Ventures.
No reason given
In the announcement, Imperial Oil did not explicitly explain the reason for Rich Kruger’s move.
Precise information regarding Rich Kruger’s future plans was not immediately available.
Imperial Oil said: “Chairman and chief executive officer, R.M. (Rich) Kruger, has declared his plans to retire at the end of December, 2019.”
Imperial Oil further said: “On September 16, 2019, R.M. (Rich) Kruger announced his intention to retire at the end of December, 2019. Effective September 16, 2019, Mr. Kruger resigned from his position as president and will continue in the role of chairman and chief executive officer until December 31, 2019.”
Share price increase since January 2019
The announcement follows an increase in Imperial Oil Limited’s share price of 7% since January 2019.
In the position of CEO since 2013
Rich Kruger became CEO of the Company in March 2013.
Kruger was appointed chairman, president and chief executive officer of Imperial Oil Limited effective March 1, 2013.
Kruger has worked for Exxon Mobil Corporation and its predecessor companies since 1981 in various upstream and downstream assignments with responsibilities in the United States, the former Soviet Union, the Middle East, Africa and Southeast Asia.
In his previous position, Kruger was vice-president of Exxon Mobil Corporation and president of ExxonMobil Production Company, a division of Exxon Mobil Corporation, with responsibility for ExxonMobil’s global oil and gas producing operations.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Imperial Oil and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 38.2019 ($).