Canadian Oil Sands overhauls leadership and board ahead of Suncor takeover, names Sandy Martin CEO

CALGARY – Canadian Oil Sands Ltd., on the point of being taken over by Suncor Energy, has overhauled its senior leadership team and board of directors.

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Ryan Kubik, who was CEO during the months-long takeover fight, and Donald Lowry, who had been board chairman in that time, are no longer on the roster.

The new CEO is Sandy Martin, vice-president of strategy and commercial development at Suncor.

Harry Roberts, the new board chairman, would be a senior vice-president at Suncor before his retirement this year and also the four other directors will also be connected to the acquirer.

Suncor’s executive vice-president of strategy and company development, Steve Reynish, and Suncor chief financial officer Alister Cowan, are among the new COS board members.

Suncor announced Friday that 73 per cent of COS shareholders had tendered their shares to the $4.3-billion offer, that support that’s sufficient for that deal to go ahead.

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Suncor vs Canadian Oil Sands: Battle of the shareholder incompetentsSuncor Energy wins 73% Canadian Oil Sands shares, declaring takeover a done deal

The offer continues to be extended until Feb. 22 to ensure that remaining shareholders can tender.

After months of sniping at each other inside a heated hostile takeover battle, Suncor and COS — each partner within the Syncrude oilsands mine north of Fort McMurray, Alta., — came to a friendly agreement recently.

The Canadian Press