Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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This Amendment to the registrant’s Current Report on Form 8-K filed on September 17, 2019 is being filed pursuant to Instruction 2 to Item 5.02 to add the following information regarding salary and restricted stock unit grant:
In connection with the appointment of B.W. (Brad) Corson as president on September 17, 2019 and the assumption of the additional roles of chairman and chief executive officer on January 1, 2020, Mr. Corson’s annual salary is $733,000 U.S. (effective October 1, 2019) and he was granted 78,200 restricted stock units on December 4, 2019, the terms of which are described in the company’s most recent management proxy circular dated March 14, 2019.
The remainder of the information contained in the original filing as set forth below remains unchanged.
(b)(c) On September 16, 2019, R.M. (Rich) Kruger announced his intention to retire at the end of December, 2019. Effective September 16, 2019, Mr. Kruger resigned from his position as president and will continue in the role of chairman and chief executive officer until December 31, 2019.
On September 16, 2019, the Imperial Oil Limited board of directors appointed B.W. (Brad) Corson as president of the company effective September 17, 2019. Mr. Corson will assume the additional roles of chairman and chief executive officer of Imperial Oil Limited effective January 1, 2020 upon Mr. Kruger’s retirement.
Mr. Corson, 57, was vice-president of ExxonMobil Upstream Ventures from 2014 to 2015. Mr. Corson was president of ExxonMobil Upstream Ventures from 2015 to 2019, and has served as a vice-president of Exxon Mobil Corporation since 2015.
(d) On September 16, 2019, the board of directors elected B.W. (Brad) Corson as a director of Imperial Oil Limited effective September 17, 2019. Mr. Corson will be a member of the board’s community collaboration and engagement committee. Mr. Corson will receive no additional compensation for serving as a director.