Cenovus and Husky announce leadership team for combined company

CALGARY, Alberta, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) are pleased to announce the executive leadership team that is expected to lead the combined company created through the strategic combination of Cenovus and Husky announced on October 25, 2020.

“We believe it is important to move forward and establish the leadership team for the combined company to ensure we are well-positioned to begin capturing the synergies of this deal immediately after closing,” said Alex Pourbaix, Cenovus President and Chief Executive Officer. “Having a strong and experienced leadership team in place on day one is critical as we work to build a more integrated and resilient company that is well-positioned to succeed as a Canadian energy leader in the years ahead.”

The composition of the anticipated management team was determined through discussions with leadership teams from both companies.

Immediately following the close of the transaction, Cenovus’s executive team is expected to consist of:

• Alex Pourbaix – President & Chief Executive Officer
• Jeff Hart – Executive Vice-President & Chief Financial Officer
• Jon McKenzie – Executive Vice-President & Chief Operating Officer
• Keith Chiasson – Executive Vice-President, Downstream
• Andrew Dahlin – Executive Vice-President, Safety & Operations Technical Services
• Norrie Ramsay – Executive Vice-President, Upstream – Thermal, Major Projects & Offshore
• Kam Sandhar – Executive Vice-President, Strategy & Corporate Development
• Sarah Walters – Executive Vice-President, Corporate Services
• Drew Zieglgansberger – Executive Vice-President, Upstream – Conventional & Integration
• Rhona DelFrari – Chief Sustainability Officer & Senior Vice-President, Stakeholder Engagement
• Gary Molnar – Senior Vice-President Legal, General Counsel & Corporate Secretary
  

Husky and Cenovus agreed to combine their respective businesses and entered into an arrangement agreement, dated October 24, 2020. Closing of the transaction is expected to take place in the first quarter of 2021, with the combined company continuing to operate as Cenovus and remaining headquartered in Calgary, Alberta.

ADVISORY
This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by Cenovus and Husky in light of their experience and perception of historical trends. Although Cenovus and Husky believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as “aim”, “anticipate”, “believe”, “ensure”, “establish”, “expect”, “facilitate”, “goal”, “position”, “strategy”, “will” or similar expressions and includes suggestions of future outcomes, including statements about: the composition of the anticipated executive team; and the expected date of closing of the transaction.