Cenovus CEO Brian Ferguson leaves

  • Push-out Score suggests signs for push-out forces
  • After almost eight years on the job
  • Praise and thanks for Ferguson
  • Search for a successor
  • Ferguson said 50 words

(exechange) — Calgary, Alberta, Canada, June 20, 2017 — Brian Ferguson, chief executive of Cenovus, leaves. His departure is made public at an early stage. As announced by Cenovus Energy Inc. in a news release on Tuesday, June 20, 2017, Brian Charles Ferguson leaves the post as Chief Executive Officer at the oil company in a surprising move after almost eight years on the job, effective October 31, 2017.

Cenovus will undertake a search for a successor.

“I am ready for the next adventures”

The management change is explained as follows. Ferguson said: “[N]ow I am ready for the next adventures in my life.”

Precise information about the future plans of Ferguson was not immediately available.

“Retiring”

Cenovus said: “President & Chief Executive Officer Brian Ferguson will be retiring as an officer and director of the company on October 31, 2017.”

Share price decline

The change follows a sharp decline in the share price of Cenovus Energy Inc. since September 2014.

Chaired by Michael A. Grandin

Cenovus Energy Inc. is chaired by Michael A. Grandin.

On the job as CEO since 2009

Ferguson has been at the head of Cenovus since the company launched in December of 2009.

As President & Chief Executive Officer, Ferguson is accountable for overall leadership of Cenovus’s strategic and operational performance. He is also a Director of Cenovus.

Ferguson joined a predecessor company in 1984 and became a member of the Management Team in 1994.

His business experience spans a variety of areas including finance, business development, reserves, strategic planning, evaluations and communications.

Ferguson earned a Bachelor of Commerce degree, from the University of Alberta, and has completed the University of Western Ontario’s Executive Management program.

Ferguson is a Fellow of the Chartered Professional Accountants of Alberta (FCPA).

Ferguson sits on the TD Board of Directors and is a board member of the Business Council of Canada.

He is also a member of the Chartered Professional Accountants of Canada and was appointed to the federal Minister of Finance’s Advisory Council on Economic Growth.

Ferguson has served on several other boards, including the Canadian Association of Petroleum Producers (CAPP) Board of Governors.

He continues to serve on CAPP’s Oil Sands CEO Council.

Ferguson is also active in supporting the community.

He became Chair of the Calgary Police Foundation in 2011 and, a year later, he was named Calgary’s first Honourary Deputy Police Chief.

Ferguson will continue in his roles leading the company and serving on the Board of Directors until October 31, 2017.

Following his retirement at the end of October, Ferguson will continue in a transition advisor role reporting to the Board Chair until March 31, 2018 “to minimize disruption to Cenovus’s business and support the Board during the leadership transition”, Cenovus said.

Unexpected

As a general rule, when a top manager announces to step aside with no successor in place, it’s a signal that the move was unexpected and too early.

Push-out Score suggests signs for push-out forces

It is not completely certain what forces eventually triggered Brian Ferguson’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 26.2017 ($).