Suncor to chop 1,500 jobs by finish of 12 months, workers knowledgeable Thursday

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Suncor Power Inc. will reduce 1,500 jobs by the tip of the 12 months, as new CEO Wealthy Kruger forges forward together with his mandate to scale back prices and enhance the corporate’s lagging monetary efficiency.

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Workers got the information Thursday afternoon, in a companywide electronic mail from Kruger, Suncor spokeswoman Sneh Seetal mentioned.

She confirmed the job reductions are new, and never a part of the corporate’s beforehand introduced plan to scale back the scale of its contractor workforce by 20 per cent in an effort to enhance security and efficiency at its oilsands websites.

“As an organization we wanted to make modifications that can strengthen our firm for the longer term, and that features our general value construction,” Seetal mentioned by cellphone, including the 1,500 job losses shall be unfold throughout the group and can have an effect on each workers and contractors.

The reductions quantity to about 9 per cent of the 16,558 workers that Calgary-based Suncor had on the finish of 2022, in keeping with the corporate’s annual info type. Nevertheless, that tally doesn’t embrace contractors.

Suncor has been below stress from shareholders — together with activist investor Elliott Funding Administration — to enhance its monetary and share value efficiency, which has lagged its friends.

Kruger, the previous CEO of Imperial Oil Ltd., took the reins at Suncor earlier this spring and has been tasked with turning across the oilsands big.

Suncor employs individuals throughout the nation, within the U.S., and internationally.

This report by The Canadian Press was first printed June 1, 2023.