Canadian Oil Sands overhauls leadership and board ahead of Suncor takeover names

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.[np_storybar title=”How falling oil prices and Notley’s Alberta worked against Canadian Oil Sands Ltd” link=””%5D As oil prices continued to free fall, oilsands giants Suncor Energy Inc. and Canadian Oil Sands Ltd. were quietly ending an acrimonious hostile battle and working out the details of a $6.6-billion mergerRead more [/np_storybar]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.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 shareholders had tendered their shares to the $4.3-billion offer, a level of support that’s sufficient for the deal to go ahead.Suncor vs Canadian Oil Sands: Battle of the shareholder incompetentsSuncor Energy wins 73% Canadian Oil Sands shares, declaring takeover a done dealThe 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.The Canadian Press read more