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Cenovus boss Ferguson set to leave

Chief executive and president to step aside at Canadian oil sands giant later this year

Cenovus Energy is on the hunt for a new boss as chief executive and president Brian Ferguson handed in his notice.

The current head of the Canadian oil sands giant will step aside on 31 October, the company revealed on Tuesday.

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Ferguson has helmed Cenovus since the company was formed in 2009, initially joining a predecessor company in 1984 and becoming part of the management team a decade later.

"Ferguson will continue in his roles leading the company and serving on the board of directors until that time," Calgary-based Cenovus said.

"Following his retirement at the end of October, Ferguson will continue in a transition advisor role reporting to the board chair until 31 March, 2018 to minimise disruption to Cenovus's business and support the board during the leadership transition.

Chairman Patrick Daniel said: "(Brian's) leadership, from the establishment of the company through the ups and downs of the commodity price cycle, to the transformation of Cenovus with the recent acquisition, has the company well positioned for the future.”