Canadian Oil Sands Ltd., the biggest owner of Syncrude Canada Ltd., will search for a new chief executive officer to replace Marcel Coutu, who announced plans to retire.
Coutu, 60, will retire effective Jan. 1, the company said in a statement today. He will remain with the company as a consultant after a new CEO is chosen.
The chief executive joined the company in 2001 and helped expand the market value of the oil-sands producer to C$9.9 billion ($9.6 billion) from C$2 billion, according to the statement. He also increased the company’s stake in Syncrude, Alberta’s largest oil-sands project, to 36.74 percent from 21.74 percent.