- Push-out Score determined
- After about eight years in the position
- Praise and thanks for Suttles
- Brendan McCracken taking over
- Suttles kept it short and said 51 words
(exechange) — Denver, Colorado, June 8, 2021 — Doug Suttles, chief executive of Ovintiv, leaves. As announced by Ovintiv Inc. in a news release on Tuesday, June 8, 2021, Douglas J. (Doug) Suttles leaves his post as chief executive officer at the producer of oil, condensate and natural gas after about eight years in the role, effective August 1, 2021.
The announcement of Doug Suttles’s move comes 11 months after Peter A. Dea took over as Chairman of Ovintiv Inc.
Doug Suttles’s duties as CEO will be taken over by Brendan M. McCracken, currently President at Ovintiv Inc.
“Culmination of our comprehensive succession planning process”
Doug Suttles’s departure from the CEO post is explained as follows. Ovintiv Board Chair Peter Dea said: “Today’s news is the culmination of our comprehensive succession planning process and the Board unanimously elected Brendan as the next CEO of Ovintiv.”
Precise information regarding Doug Suttles’s future plans was not immediately available.
Ovintiv said: “Ovintiv Inc’s (NYSE: OVV) (TSX: OVV) CEO Doug Suttles announced today he will retire effective August 1, 2021.”
Share price increase since June 2020
The announcement follows an increase in Ovintiv Inc.’s share price of 277% since June 2020.
Chaired by Peter A. Dea
Peter A. Dea serves as Ovintiv Inc.’s Chairman.
Peter Dea has been chairman of the board since June 30, 2020. Dea brings more than 38 years of oil and gas exploration and production experience, as well as state and national energy policy involvement to the board.
In the position of CEO since 2013
Doug Suttles has served as chief executive officer of Ovintiv since 2013.
He joined the Company in June 2013.
With almost 40 years of experience in the oil and gas industry in various management and engineering roles, his leadership is responsible for the recent transformation of Ovintiv to a leading North American resource company.
Suttles joined Ovintiv from BP where he held several senior leadership positions, including chief operating officer, BP Exploration & Production and president, BP Alaska.
He previously served as president of BP Sakhalin Inc., vice president for North Sea operations and president of BP’s Trinidadian oil business.
Prior to joining BP, Suttles completed various production engineering assignments with Exxon from 1983 to 1988.
Over the course of his career, Suttles has volunteered his time and talents to community organizations across North America.
Suttles is a member of the National Petroleum Council and sits on the board of directors of the American Petroleum Institute, the American Exploration & Production Council, the Independent Petroleum Association of America, National Association of Manufacturers and the executive committee of Canadian Association of Petroleum Producers.
Suttles has served on the University of Texas Engineering Advisory Board since 2007 and was honored with the school’s Mechanical Engineering Distinguished Alumni Award in 2008.
Suttles graduated from the University of Texas at Austin in 1983 with a bachelor’s degree in mechanical engineering.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Doug Suttles’s move on a scale of 0 to 10.
exechange reached out to Ovintiv and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 24.2021 ($).