Canadian uranium major Cameco on Thursday announced a reshuffle of its executive team, while reporting strong second-quarter results as demand for nuclear power strengthened and its investment in Westinghouse delivered a significant revenue boost.

The Saskatoon-based uranium producer said it would promote CFO Grant Isaac to the role of president and COO effective September 1. Heidi Shockey, currently deputy CFO, would take over as CFO. CEO Tim Gitzel would remain in his current role.

The leadership changes come as part of a broader succession plan that will also see two senior executives – COO Brian Reilly and chief legal officer Sean Quinn – step down into advisory roles ahead of their retirements in March 2026.

Cameco said the shakeup was “consistent with prudent succession planning” and aimed at ensuring the company had the “appropriate experience to help achieve its vision of powering a secure energy future”.

The moves follow a strong second-quarter performance driven by higher uranium prices, robust long-term contracting, and a sharp rise in earnings from Westinghouse, in which Cameco owns a 49% stake alongside Brookfield.

Net earnings surged to C$321-million in the second quarter, up from C$14-million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) nearly doubled to C$673-million, with Cameco citing improved results across its uranium, fuel services and Westinghouse segments.

Cameco now expects its share of Westinghouse’s adjusted Ebitda for 2025 to range between $525-million and $580-million, a significant increase from prior guidance, driven by revenue from the company’s role in building two reactors in the Czech Republic.

“Our integrated strategy that aligns marketing, operational and financial decisions continues to serve us well in a market that is shifting its focus toward security of supply,” Gitzel said in a statement.

Cameco raised its expected realised uranium price to $87/lb, up from $84/lb, and reaffirmed its production outlook of 18-million pounds each at its McArthur River/Key Lake and Cigar Lake operations this year.

With nuclear energy gaining renewed momentum globally, Gitzel said Cameco and Westinghouse were “uniquely positioned” to benefit from a structural shift in energy policy.

“We believe that supportive government policies, the tangible actions of energy-intensive industries, and positive public conversations are all pointing to a global convergence: nuclear energy is a critical solution,” he said.