The CEO and co-founder of MEG Energy Corp is retiring next month.
The Calgary-based company announced Monday Bill McCaffrey will step down following their Annual General Meeting on May 31 after 19 years.
“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 McCaffrey in a release. “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.”
MEG says McCaffrey will still act as an advisor to the corporation following his retirement.
Board of Director member Harvey Doerr will act as interim CEO during the search for a permanent replacement.