- Cenovus Energy (NYSE:CVE) says it will replace four executives on its eight-person leadership team during the year, but the multiple retirements cause some analysts and investors to speculate that the moves really are about saving money.
- "It’s cost-cutting, which makes sense because the company was staffed and built to really grow oil sands production,” says Brompton Group's Laura Lau.
- The internal replacements signal that the changes were not a board-mandated shakeup, otherwise the company would bring in external replacements, but the timing raises questions about what might be going on internally, according to money manager John Stephenson.
- However, CVE is launching an executive search to replace executive VP and COO John Brannan; CVE says it will not appoint a new COO but replace the role with a president of upstream oil and gas, to be named in September.