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Little was also stepping down as president and resigning from
the board effective immediately, the Calgary, Alberta-based
company said.
Kris Smith, the company's executive vice president of downstream
will replace Little as interim CEO, while the board launches a
search for a permanent replacement.
Little's resignation comes a day after a worker was killed at
Suncor's oil sands base plant in northern Alberta. It was the
second fatality at a Suncor site this year and the thirteenth
since 2014.
"Suncor is committed to achieving safety and operational
excellence across our business, and we must acknowledge where we
have fallen short and recognize the critical need for change,"
board chair Michael Wilson said in a statement.
Little, who became Suncor CEO in 2019 after serving as chief
operating officer, has been under pressure to fix safety and
operational issues. He told investors in February he took full
responsibility for fatalities on Suncor sites and vowed to
improve operations.
In April U.S.-based activist investment firm Elliot Management
disclosed a 3.4% stake in Suncor and urged the company to
install new board directors, overhaul management and begin a
strategic review, noting that Suncor's share price was lagging
its peers.
Elliot's public criticism increased scrutiny of Little's
performance as chief executive.
In 2020 Suncor was overtaken by rival Canadian Natural Resources
Ltd as Canada's most valuable energy company.
In addition to the fatalities, the company disappointed
investors by making a major dividend cut in 2020, repeatedly
missing production guidance and running into operational issues
at its new Fort Hills oil sands mine that have delayed the
project reaching full production capacity.
(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by
Sandra Maler and William Mallard)
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