CALGARY, April 23, 2018 /CNW/ – MEG Energy Corp. (TSX:MEG) (“MEG” or the “Company”) reports that after 19 years, Bill McCaffrey will be retiring from his role as President & Chief Executive Officer as well as from the Board of Directors following the company’s Annual General Meeting on May 31, 2018.
Harvey Doerr, a member of MEG’s Board of Directors, will act as interim CEO during the search process for a permanent replacement. Bill has agreed to act as an advisor to the corporation.
“We’ve seen the company grow from a concept to having significant resources in the ground and a technology leader with production capacity approaching 100,000 barrels per day,” said Bill McCaffrey, President & CEO. “Since the decline in crude oil commodity prices in late 2014, we’ve worked hard at reinventing ourselves to be successful in this new environment. I’m happy to say the transformation has taken place and our path forward has never been more clear.”
Since co-founding MEG, Bill has won numerous accolades on behalf of the company including Canadian Dealmakers IPO of the Year, Oilsands Review Producer of the Year, Ernst & Young Entrepreneur of the Year, and C-Suite Energy Executive Awards CEO of the Year.
“With the work complete in terms of setting the company on a new path, I think it’s the right time for me to retire,” said McCaffrey. “While I will deeply miss the people that have made the company great, I am looking forward to spending time with my family. However, I do so knowing that the path forward is clear and I’m confident that our employees will get us there with the guidance of our Board of Directors and senior management.”
“We can’t thank Bill enough,” said Jeff McCaig, MEG’s Chairman of the Board. “Bill started MEG with an entrepreneurial spirit that still exists at the company to this day. He led the company from a small start-up to an intermediate oil sands producer and his forward-thinking ability allowed MEG to effectively manage the ups and downs of commodity price cycles. We are all the benefactors of Bill’s vision and hard work and on behalf of the board and employees of MEG Energy, I would like to wish him a well-deserved, long and happy retirement.”
About MEG Energy Corp.
MEG Energy Corp. is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG’s common shares are listed on the Toronto Stock Exchange under the symbol “MEG”.