Two ways to look at the Kruger hiringSU just made Richard Kruger its new CEO. Is that a good thing?
I guess it depends upon your point of view.
Kruger is going to bring old fashion oil thinking and values to the table which means SU has once again doubled down.
In the short term, hiring Kruger will probably help the share price as the man undoubtedly knows the oil business. If nothing else, Kruger should provide a sense of "steady as she goes" that may soothe the fears of uncertainty.
In the longer term "go forward" basis, the hiring will be seen in one of two lights.
Suncor's core business is scraping bitumin out of the ground and turning it into fuel for transportation.
Those who think the transportation is going to remain oil centric for many years or even decades to come should be happy with the decision to recycle Kruger.
Those who accept Tony Seba's vision of the future of energy will likely see the decision to hire Kruger as the last straw and exit.
It will be interesting to see the reaction of Elliotte Management.