11:55 AM EDT, 10/25/2024 (MT Newswires) -- Strathcona Resources ( STHRF ) late on Thursday said Chief Executive Rob Morgan will retire at month's end.

Morgan will also step down from Strathcona's board of directors and will be replaced by David Roosth, managing director of the Waterous Energy Fund.

Going forward, Strathcona's leadership structure will transition from a single, functionally organized executive team working across the entire asset base to four focused business units.

The units - SCR Cold Lake, SCR Lloydminster Thermal, SCR Lloydminster Conventional and SCR Montney - will each have their own president and accompanying management team.

Each president will have autonomy over all aspects of day-to-day operations and will be directly accountable for their unit's performance.

Higher-level capital allocation decisions, business development, finance, accounting and other limited corporate services will remain at Strathcona's corporate level.

Dale Babiak, most recently vice president of production operations, will serve as COO of Strathcona. Connie De Ciancio, most recently vice president of corporate, will be chief commercial officer.

Kim Chiu was named president of SCR Cold Lake, Al Grabas as president of SCR Montney, Seamus Murphy as president of SCR Lloydminster Conventional, and Ryan Tracy as president of SCR Lloydminster Thermal.

Connor Waterous will remain as CFO and Scott Seipert will take on the role of senior vice president of finance.

Each president will report to Strathcona's CFO, COO and chief commercial officer. Adam Waterous will continue to serve as executive chairman.

Strathcona shares were last seen up $0.82 to $28.80 on the Toronto Stock Exchange.

Price: 28.80, Change: +0.82, Percent Change: +2.93