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Asim Ghosh, President and CEO of Husky Energy Inc., speaks at the company annual meeting in Calgary, Tuesday, April 26, 2016.The Canadian Press

Husky Energy Inc. announced late Wednesday that president and chief executive Asim Ghosh, 68, will retire in December.

Mr. Ghosh has led the Canadian heavy oil and processing company since June 2010, when he took over from then-CEO John Lau.

"Asim has brought his extensive business experience and tremendous leadership abilities to bear in reshaping and positioning Husky for a new energy era," said a statement attributed to co-chairmen Victor Li and Canning Fok.

"His work to rejuvenate Husky and strengthen the balance sheet has placed the company on an exceptionally strong financial footing. His disciplined focus on delivery and strategic clarity continues to produce significant results. We deeply appreciate his commitment and his broader contributions to the industry and the community."

Rob Peabody, Husky's chief operating officer of a decade, will be appointed president and CEO. He will join the board of directors on Dec. 5, the day Mr. Ghosh retires.

Mr. Ghosh began his career with Procter & Gamble in Toronto before becoming a senior vice-president at Carling O'Keefe. He moved to India to become the founding CEO at Pepsico Foods. He then spent nearly two decades working for subsidiaries of giant investment holding company Hutchison Whampoa Ltd., commanded by Li Ka-shing – the Hong Kong billionaire who owns a controlling interest in Husky.

On his last role before joining Husky – as leader of what was then India's second-biggest telecom company, Vodafone Essar Ltd. – Mr. Ghosh oversaw growth in the number of subscribers to 68 million from 100,000, and played a key role in changing Indian telecom policies to speed wireless adoption.

His time at Husky has been marked by focus and efficiency. Under Mr. Ghosh's tenure, Husky completed major projects‎ including the $6.5-billion (U.S.) Liwan natural gas project in the South China Sea, which would have been put up for sale if Mr. Ghosh hadn't reversed the company's course. He said selling gas into the Chinese market would eventually go a long way to funding the company's other big-ticket projects.

Last year, Husky also began production at its $3.2 billion Sunrise in situ oil sands project north of Fort McMurray with partner BP PLC.

This year has been a more difficult one for Husky. In April, Husky announced a deal to sell Alberta and Saskatchewan oil and gas processing assets for $1.7-billion as the company looked for cash to weather the oil price drop. In May, Sunrise production was temporarily shut down as hundreds of homes and buildings in the community of Fort McMurray burned down, and oil sands producers were threatened by the wildfire that ripped through a massive swathe of northern Alberta.

Then in July, a Husky pipeline rupture spilled about 200,000 litres of oil into the North Saskatchewan river, affecting a number of downstream communities.

As is the case with many other oil companies, Husky shares are still worth less than half their 2014 high.

The company reported third-quarter results early Thursday, swinging to a quarterly profit as it recorded nearly $1.5-billion in gains related to asset sales. Husky reported a profit of $1.39-billion, or $1.37 per share, compared with a loss of $4.09-billion, or $4.19 per share, a year earlier.

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