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Singer’s Elliott Targets Canada’s Suncor Energy for Shakeup

  • Oil producer should review management and retail, firm says
  • Suncor has underperformed major rivals during oil’s rebound
A Suncor Energy oil refinery in Sarnia, Ontario, Canada.

A Suncor Energy oil refinery in Sarnia, Ontario, Canada.

Photographer: Cole Burston/Bloomberg
Updated on

Activist investor Elliott Investment Management LP is taking aim at Canadian oil producer Suncor Energy Inc., pushing the company to add five new directors and overhaul management to change a “slow-moving, overly bureaucratic corporate culture.”

Elliott said the company should also look at selling its retail network of gasoline stations across Canada to unlock a higher share price. Suncor rose 12% to C$47.22 in Toronto, the highest level since October 2018.