Suncor’s record on safety
was also criticized by activist investor Elliott Investment Management LP in a public letter to the company’s board of directors last April. The U.S. firm, which owns a 3.4 per cent stake in Suncor, criticized the company for missed production targets, delayed timelines, and repeated safety failures. It also called for a shakeup at the top with the appointment of five new directors, as well as a review of management and assets.
“It is evident that Suncor’s status quo is not working,” Elliott wrote. The investment firm declined to comment on Little’s resignation Sunday.
Calgary-based Suncor has been the worst-performer among large oilsands producers in Canada for much of the past two years. And the company’s most recent safety problems have continued to drag on the share price: Suncor was the only stock in the 38-company S&P/TSX Energy Index to decline over the last two trading sessions sessions last week.
Analyst Travis Wood of National Bank of Canada said further executive resignations or changes are likely required to achieve a cultural shift at the company.