Canada's Suncor Energy to slash 1,500 positions amid cost-cutting plan
Calgary/IBNS: Rich Kruger, new chief executive of Suncor Energy, has announced his immediate plan of the company's elimination of 1,500 positions to cut costs by $400 million by the end of this year.
Kruger notified the staff of Suncor Energy on Thursday about the plan in an email, describing that the company needs to reduce its staffing costs related to its competitors in the oilpatch.
"Staffing reductions will occur at all levels of the organization and will be based on both performance and business needs. As we do this, we will eliminate work, critically looking at what we do, why we do it, how we do it and the value it adds," Kruger told staff in the message.
After becoming CEO on April 3, Kruger had pledged to transform the company into a "simpler and more focused organization" under his leadership.
In an emailed statement, spokesperson Sneh Seetal said that Suncor is always looking for opportunities including cost reduction to drive value and improve performance in our business.
(Reporting by Asha Bajaj)
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
With heavy hearts, devotees bid farewell to Goddess Durga across Northeast
13, including 10 children, die in two separate Durga idol immersion tragedies in Madhya Pradesh
Prez Droupadi Murmu, PM Modi pay tributes to Mahatma Gandhi and Lal Bahadur Shastri on birth anniversaries
Centre orders probe into Tamil Nadu-based cargo firm Wintrack Inc’s charges against Chennai Customs
