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Dec 12, 2017

Canadian Natural appoints new president to succeed Steve Laut

Canadian Natural Resources CNQ.TO

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CALGARY — Canadian Natural Resources Ltd. (CNQ.TO) is promoting a 27-year veteran of the company to president as part of a management succession plan.

Canada's largest producer of natural gas and one of its biggest oil sands companies says president Steve Laut will become executive vice-chairman in February and his current role will be filled by Tim McKay, an engineer who joined the company in 1990.

McKay has been chief operating officer since 2013.

Canadian Natural doesn't have a chief executive officer. Its top office is executive chairman, a position held by billionaire financier Murray Edwards.

The Calgary-based company also announced it was creating two new chief operating officer positions to account for growth it made this year through acquisitions and completed oilsands projects.

Darren Fichter will become COO of exploration and production and Scott Stauth will become COO of oil sands.