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Oilsand producer MEG Energy announces co-founder Bill McCaffrey is retiring

The corporate logo of MEG Energy Corp. is shown. THE CANADIAN PRESS/HO

Oilsands producer MEG Energy Corp. says co-founder Bill McCaffrey will be retiring from his role as CEO as well as from the board of directors following its annual general meeting on May 31.

The Calgary-based company says director Harvey Doerr is to act as interim CEO while it searches for a permanent replacement.

McCaffrey, 60, who has agreed to stay on as an adviser, says he feels the time is right to retire because the company’s corporate path is clear after it was forced by the oil price crash of 2014 to reinvent itself to be successful.

He says he is looking forward to spending time with his family.

McCaffrey, an engineer, has led MEG Energy since March 1999. Before co-founding MEG, he worked for Amoco Canada for over 17 years.

MEG amassed a large oilsands land position in northern Alberta and built its first steam-driven oilsands project before going public in 2010. It posted record production of 90,000 barrels per day in the fourth quarter of 2017.