Analysts don’t expect the company’s strategy to change under new CEO Brendan McCracken
Doug Suttles, the chief executive officer of Denver-based Ovintiv Inc., is set to retire on August 1, the company announced on Tuesday. He will be replaced by current president Brendan McCracken, who has been with the company for 25 years.
Suttles took over the company, then known as Encana Corp., in 2013, and presided over a transformative period in the company’s history. He relocated Encana — one of the most storied companies in the Canadian oilpatch — from Calgary to Denver, and changed its name to Ovintiv.
Analysts don’t expect the company’s strategy to change under McCracken.
“We do not expect to see a change in the company’s strategy with Mr. McCracken at the helm, which has been primarily focused on accelerating debt reduction ($4.5 billion total debt target by 1H/22) and driving efficiencies across its core asset base,” said Travis Wood, an analyst at National Bank Financial.