Suncor Energy (NYSE:SU) recently declared that it has entered into an agreement with the activist investment firm — Elliott Investment Management — according to which SU's board of directors will appoint three new independent directors, two of whom will serve on the CEO search committee. The company also stated that it would review the possibility of selling its retail gas station business to unlock shareholder value.
The Calgary-based Canadian integrated energy company has been under constant pressure from
Elliott, which owns a 3.4% interest in Suncor, concerning its operational and safety record. The latest mishap at SU's site, along with CEO Mark Little's resignation, added to the pressure.
