Cenovus Energy (CVE) Chief Executive Officer (CEO) Alex Pourbaix has resigned his post though he will remain with the company as executive chair of its board of directors.

Pourbaix, who has led Calgary-based Cenovus since 2017, will step down as CEO in coming months and be replaced by current chief operating officer (COO) Jon McKenzie.

The transition is scheduled to take place after Cenovus Energy’s annual meeting on April 26 of this year.

The announcement of the CEO change comes as the energy company reported a fourth-quarter profit of $784 million or $0.39 per share compared with a loss of $408 million or $0.21 per share a year earlier.

Cenovus Energy’s revenue in Q4 2022 was $14.1 billion, up 3% from $13.7 billion in the last three months of 2021.

For all of 2022, Cenovus earned $6.45 billion, up 999% from $587 million in 2021. The annual earnings increase was driven by elevated prices for crude oil throughout much of last year.

Cenovus Energy’s stock has gained 23% over the last 12 months to trade at $24.85 per share.