Canadian Oil Sands overhauls board on brink of Suncor takeover

Ryan Kubik, Donald Lowry no longer with Canadian Oil Sands

Canadian Oil Sands senior leadership team, board of directors has been overhauled.  Syncrude photo.

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

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

The new CEO is Sandy Martin, vice-president of strategy and commercial development at Suncor (TSX:SU).

Harry Roberts, the new board chairman, was a senior vice-president at Suncor before his retirement in 2010 and the four other directors are also connected to the acquirer.

Suncor’s executive vice-president of strategy and corporate 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 (TSX:COS) shareholders had tendered their shares to the $4.3-billion offer, a level of support that’s sufficient for the deal to go ahead.

The offer has been extended until Feb. 22 so that remaining shareholders can tender.

After months of sniping at each other in a heated hostile takeover battle, Suncor and COS, both partners in the Syncrude oilsands mine north of Fort McMurray, Alta., came to a friendly agreement last month.

By Lauren Krugel of The Canadian Press.