Sector News

Husky Energy chief executive to retire, promotes COO

October 27, 2016

Canadian oil producer Husky Energy said its chief executive, Asim Ghosh, will retire on Dec. 5 after seven years at the helm.

Rob Peabody, who has been Husky’s chief operating officer since 2006, will be its new CEO, the company said in a statement on Wednesday.

Calgary-based Husky is controlled by Hong Kong billionaire Li Ka-shing and like many of its peers has been struggling to handle a more than two-year slump in global crude prices.

The company, Canada’s fifth-largest oil producer, reports third-quarter results on Thursday and analysts are predicting a loss of 8 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Ghosh will remain on Husky’s board, which Peabody will also join.

Husky said Peabody started his career in Canada and has worked internationally with leadership roles in every segment of the business, including senior positions in exploration and production, midstream and downstream.

The company has oil and gas operations in Canada and Southeast Asia. It owns all or part of four refineries in North America and operates a heavy oil upgrader at Lloydminster, Saskatchewan.

By Nia Williams

Source: Reuters

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