By Tess Stynes
Devon Energy Corp. (DVN) said Chief Executive John Richels plans
to retire at the end of July and the oil and natural gas producer
named Chief Operating Officer Dave Hager as his successor.
The company's co-founder and chairman, Larry Nichols, said that
Mr. Richels's "vision and leadership have delivered significant
value to Devon shareholders for many years and particularly as we
recently repositioned and rebalanced the company as a leading North
American exploration and production company."
The Oklahoma City independent oil and natural gas exploration
and production company has been shifting its focus to oil, from its
roots as a natural-gas producer, through a string of acquisitions
and sales. Since 2008, Devon has more than doubled its onshore oil
production in the U.S. and Canada.
Mr. Richels, 63 years old, was elected vice chairman of Devon's
board, with the intent that he will succeed Mr. Nichols upon his
expected retirement as chairman in 2016. At that time, Mr. Nichols,
72, is expected to become chairman emeritus.
Mr. Richels joined Devon in 1998 and led its Canadian unit until
being named Devon president in 2004. He joined the company's board
in 2007 and has been CEO since 2010.
Mr. Hager, 58, joined Devon in 2009 as an exploration and
production executive after serving on Devon's board of directors
beginning in 2007. A longtime industry veteran, he has been chief
operating officer since June 2013.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires