MACKENZIE, British Columbia—The corporate governance of the country’s first offshore oil and gas corporation, Mackenzie, announced Monday that its new CEO will be “independent” and will be responsible for “sustainable corporate governance.”
The news comes after Mackenzie recently completed its first year in office with $10.5 billion in revenue and more than 1,500 employees.
The company said in a statement that the move “is part of our long-term vision to serve as a global leader for corporate governance in Canada.”
The new CEO, who will begin work on Jan. 1, will report directly to the CEO and will receive a five-year term of office.
It is not clear if the new CEO has any other duties or responsibilities.
In a statement, Mackenzes president and CEO, David Mackenzie said that while the company has long maintained its “core values,” the decision to replace former CEO and CEO Peter Gillett “is not without precedent and will continue to be guided by our core values.”
Mackenzie, which is a subsidiary of oil and natural gas company Energy Transfer Partners (ETP), was founded in 1996, and is the second-largest shareholder of the oil and mining company, which has more than 5 million acres of land.
It has been criticized in recent months for its “aggressive” efforts to expand its presence in Canada.
It was one of the first companies in the country to sell oil sands development rights in the B.C. Interior, and in December 2016, the company signed an agreement with Kinder Morgan to construct an offshore oil pipeline.
Critics of the company have criticized the pipeline as a form of “exploitation” for the oil sands, which have been subject to extensive development.
Mackenzies president and chief operating officer, Peter Gilett, was fired by Mackenzie in November for allegedly engaging in sexual harassment.
In addition, he resigned from the board of directors of Kinder Morgan, saying that his actions had been “reprehensible and wrong.”