CALGARY, Alberta -- Imperial Oil Ltd., Canada’s biggest oil company, on Thursday named an executive from parent Exxon Mobil Corp. as its president, taking one title away from chief executive Bob Peterson, who is nearing retirement age.
Imperial said Tim Hearn, 57, would assume the post of president on Jan. 1, taking on responsibilities for day-to-day operations. He was also elected as a director of the company.
Peterson, 64, is currently president, CEO and chairman. He will retain the latter two titles, the firm said. Imperial’s normal retirement age is 65, but Peterson has yet to say when he might step down.
“Mr. Peterson will retire when he decides and at this point he’s not retired,” company spokesman Richard O’ Farrell said. Hearn, who like Peterson was born in Regina, Saskatchewan, joined Imperial as a marketing representative in 1967 and moved up through the ranks. Since 1992, he has worked in senior positions at Exxon before the takeover of Mobil Corp. and is currently vice-president of human resources at ExxonMobil. ExxonMobil owns 69.6 percent of Toronto-based Imperial.
