Merging firms trim ranks

With Petro-Canada and Suncor Energy set to mer­ge into the biggestenergy company in Canada Saturday, the compan­ies are continuing toprune overlapping positions from the top down.

With Petro-Canada and Suncor Energy set to mer­ge into the biggest energy company in Canada Saturday, the compan­ies are continuing to prune overlapping positions from the top down.

Petro-Canada chief executive Ron Brenneman, on his company’s final quarterly conference call as an independent firm, said the absolute number of cuts has not been worked out yet. “Our focus is more on working our way down through the various levels in the organization,” he said Thursday. Suncor CEO Rick George will head up the merged company and Brenneman will serve as executive vice-chairman.

In April, the combined company unveiled its senior management team, which includes more Suncor names than from Petro-Canada.

There will be overlap in natural gas and oilsands businesses, but the same number of staff will be needed to run Suncor and Petro-Canada’s combined refinery operations. Staff in the offshore and international departments will also likely be unchanged.

Petro-Canada shares will trade on the TSX for another week, but will be delisted from the New York Stock Exchange Monday.

 
 
Latest From ...
Most Popular From ...