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Imperial Oil names Exxon veteran Kruger as CEO

(Reuters) - Imperial Oil Ltd , majority owned by Exxon Mobil Corp , named Exxon veteran Richard Kruger as chief executive, replacing Bruce March who is moving to ExxonMobil Chemical Co.

Kruger, currently president of ExxonMobil Production Co, will take over at Canada's second-biggest integrated oil company on March 1.

Kruger, currently president of ExxonMobil Production Co, started his career with Exxon in 1981.

March has been appointed senior vice-president of global operations for ExxonMobil Chemical.

Imperial Oil, in which Exxon holds 69.60 percent, is best known for its dominant position in the Alberta oil sands.

The company reported a higher fourth-quarter profit earlier this month but said costs of its recently completed Kearl oil sands project in northern Alberta have risen by C$2 billion to C$12.9 billion ($12.7 billion).

Shares of the company, which has a market value of C$36.29 billion, closed at C$42.82 on the Toronto Stock Exchange on Wednesday.

($1 = 1.0148 Canadian dollars)

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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