Suncor CEO Rick George to retire

Rick George, one of Canadas best known executives, is retiring next spring as CEO of Calgarys Suncor Energy.

The countrys biggest energy company made the announcement Thursday that George, 61, will retire after the annual meeting in May, and be replaced by chief operating officer Steve Williams.

George has been CEO for 21 years and led Suncor through its development as the largest player in Canadas oilsands and its $19 billion merger with Petro-Canada in 2009.

That made it a global player with operations in Canada, the United States, Africa and the North Sea. It has about 13,000 employees.

He was named "Outstanding CEO of the Year" in 1999 and received the Canadian Business Leader Award in 2000. George also was appointed an Officer of the Order of Canada in December 2007 for his leadership in the development of Canada's energy sector and his efforts to provide business opportunities to natives and on sustainable energy development.

"Rick has shown exceptionally strong leadership, helping to transform the company from an oilsands pioneer into Canada's largest energy company," said John Ferguson, chairman of Suncor's board of directors.

Williams COO since 2007

"During his 21 years as chief executive officer, Suncor has implemented game-changing technologies, merged with Petro-Canada, and increased production nearly ten-fold from 58,000 barrels per day in 1991."

Williams has held the COO role since 2007. He will also be appointed as the company's president effective immediately.

George said he's "very proud of what we've accomplished together and excited about what lies ahead for the company."

"The time for this transition is right," George added. "The merger with Petro-Canada is successfully behind us, we're on track to have a record year in terms of cash flow and earnings, the balance sheet is very strong and we have a detailed 10-year growth plan in an industry where many players are struggling to grow."

Our corporate strategy positions Suncor very well for the long term."

Williams joined Suncor in 2002 as executive vice president, corporate development and chief financial officer On Nov. 3, Suncor reported record third-quarter oilsands production and cash flow and generated a net profit of $1.29 billion, up from $1.22 billion a year earlier.

Operating revenues after royalties soared to nearly $3.1 billion from just over $2.1 billion.