Canadian oil and gas producer Cenovus Energy Inc named Jon McKenzie as chief financial officer on Thursday, bringing in an oil industry veteran who most recently helped rival Husky Energy Inc rein in costs and strengthen its finances.
McKenzie will replace Ivor Ruste, who will retire later this month.
McKenzie joined Husky as CFO in 2015 and was tasked with bringing down costs at a time when oil prices hit record lows. During his term, Husky resumed dividend payments this year after more than two years.
Cenovus, which is in the middle of its own cost-cutting spree, will benefit from McKenzie's expertise, analysts at Eight Capital said.
"His broad experience in the energy industry will be an asset to the company as we continue to focus on strengthening our balance sheet and lowering our cost structure," Cenovus Chief Executive Officer Alex Pourbaix said in a statement.
Husky Energy named Controller Jeff Hart as interim CFO and said it would update on its five-year plan and 2022 targets at its 2018 Investor Day to be held next month.
The company is facing provincial and federal charges related to a July 2016 pipeline leak that spilled oil into a river in Western Canada.
Reporting by Nivedita Bhattacharjee