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Cenovus Vitality Inc.’s chief government Alex Pourbaix is stepping down after greater than 5 years on the helm of the oilsands main.

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Pourbaix will shift to the function of government chairman and present government vice-president Jon McKenzie will take over as chief government following the corporate’s annual basic assembly in April 26, the corporate stated in a launch.

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“Underneath Alex’s distinctive course, Cenovus has remodeled right into a resilient, built-in power chief,” stated board chairman Keith MacPhail in a Feb. 16 launch. “Externally, Alex goes above and past as a tireless advocate for the Canadian power business.”

The corporate issued the succession replace alongside its fourth-quarter monetary outcomes.

Cenovus reported web earnings of $784 million within the fourth quarter, in comparison with $1.6 billion within the earlier quarter. The decline was primarily attributable to decrease working margins and non-cash impairments of $266 million in its U.S. manufacturing section, in addition to a revaluation achieve of $549 million within the third quarter associated to the Dawn acquisition, the corporate stated.

“One in every of Cenovus’s best strengths is the corporate’s exceptionally gifted individuals and I’m very happy with what we’ve been capable of obtain collectively,” Pourbaix stated. “Jon – along with his management energy, strategic imaginative and prescient, monetary self-discipline, business acumen and data of the enterprise – is greater than prepared for the president & CEO function. I’m excited to proceed working carefully with Jon to help Cenovus and our business as government chair.”

Extra to come back…