Suncor Energy Inc. CEO Rich Kruger will step down in April, transitioning to executive vice-chair. He will be succeeded by Peter Zebedee, currently Suncor's executive vice-president upstream.

Mr. Kruger, who came out of retirement in 2023 to lead Suncor, engineered a strategic shift to focus on oil sands production and profitability. Under his tenure, Suncor's stock has risen by nearly 80 per cent. This turnaround followed a period of activist pressure from Elliott Investment Management LP, which had criticized the company's financial performance and safety record.

Elliott praised Mr. Kruger's "profound transformation" and views Mr. Zebedee's operational experience as ideal for the CEO role. Suncor chairman Russ Girling expressed confidence in Mr. Kruger's continued contributions as executive vice-chair.