Ovintiv Inc. (NYSE: OVV) (TSX: OVV) reported Tuesday that its CEO, Doug Suttles, will retire effective August 1, 2021.
The Denver-based firm added that its current president, Brendan McCracken, will succeed Suttles on that date and add CEO to his title.
“Under his leadership, Ovintiv was transformed into a leading North American resource play company,” Ovintiv Board Chair Peter Dea said in a written statement regarding Suttles’ pending retirement. “Our company performance is very strong, which makes the timing for this transition ideal.”
Dea also noted that Ovintiv’s board unanimously elected McCracken to become the company’s next CEO.
“His appointment reflects his strong leadership skills, broad background, and track record for delivering strong results,” commented Dea. “We look forward to working with Brendan to deliver exceptional value for our shareholders in the years to come.”
Dea also noted that Tuesday’s announcement marks the culmination of a thorough succession planning process.
“It has truly been an honor and privilege to lead Ovintiv over the past eight years,” remarked Suttles, who joined the previously Canada-based Encana Corp. after more than two decades at BP (NYSE: BP). “I want to thank the board and the entire Ovintiv team for their support. I know Brendan well and I wholeheartedly support his appointment as CEO. He will do an exceptional job leading the company.”
McCracken, who joined Ovintiv nearly a quarter-century ago, held various functional leadership roles in strategy, external affairs, and operations prior to serving as president, the company stated. He holds a bachelor’s degree in mechanical engineering from Queen’s University and an MBA from the University of Oxford, added the firm.
“I am both humbled and excited to lead our incredibly talented and dedicated team,” said McCracken. “Doug has been a tremendous leader for our company and has created a legacy that will serve us well for years to come. Our priorities today remain unchanged as we continue to focus on reducing debt, generating free cash flow, and delivering quality returns. Our team is powered by a unique culture of innovation, teamwork, and discipline.”
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