Imperial Oil Ltd. (IMO), the Canadian company 70 percent owned by Exxon Mobil Corp. (XOM:US), announced that Richard M. Kruger will become chairman, president and chief executive officer effective March 1.
Kruger has worked at Exxon for 32 years and is currently president of its production company, Calgary-based Imperial said in a statement today. He replaces Bruce H. March, who will become senior vice president of global operations for Exxon’s chemical company after almost five years as CEO of Imperial.
Imperial Oil is Canada’s second-largest oil producer by market value. The company owns and operates refineries, oil- sands assets and a chain of gasoline retail stations across the country.
Imperial on Feb. 1 raised the estimate for initial costs at its delayed Kearl oil-sands project to C$12.9 billion ($12.7 billion) because of issues related to transporting heavy equipment to the site in Alberta and “harsh weather” as startup began.
Kruger began his career with Exxon in 1981 and has worked for the company in Russia, Malaysia and Africa. He was vice president of production for the Asia Pacific and Middle Eastern region before becoming president of the production company, according to the statement.
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