Canadian Oil Sands Ltd. (OTC: COSWF; TO: COS) selected Ryan Kubik, the current chief financial officer, to be the president and CEO effective Jan. 1.

Kubik will also become a director of Canadian Oil Sands. He succeeds Marcel Coutu upon his retirement from these positions on January 1, 2014.

Kubik, CA, CFA, has over 20 years of oil and gas experience, having performed increasingly complex roles at COS over his 11-year tenure, including controller and treasurer, and since 2007, chief financial officer. During that time, he has been instrumental in setting Canadian Oil Sands' finance plan and strategic direction. He currently sits on the Syncrude Management Committee and the board of directors of Syncrude Canada Ltd. and chairs the audit and business controls subcommittee of the Syncrude Joint Venture.

"Over the last several months, the Board has conducted a thorough and comprehensive process. The board utilized an international executive search firm and conducted extensive interviews with a number of candidates. Ryan's leadership skills, knowledge of the industry and business acumen make him the ideal candidate to lead COS into our next phase of development," Donald Lowry, chairman of the board, said in the release.

The board has also approved, concurrent with Kubik's appointment, that Rob Dawson, CA, CFA, vice president of finance, will become chief financial officer.

"The board has stewarded a succession process in order to develop top talent and COS has a staff with sound business knowledge and experience that understand the oil sands industry and the factors impacting our business," Lowry said. "It is a testament to this process that we were able to select two highly qualified individuals to lead COS from within the company. As a board, we thank Marcel for his contributions during the 12 years as president and CEO and wish him well in retirement."

Canadian Oil Sands Ltd. is a pure investment opportunity in light, sweet crude oil. The company is headquartered in Calgary.