Devon Energy Completes Leadership Transition as Board of Directors Elects Dave Hager New President & CEO, Succeeding Retiring...
August 03 2015 - 8:30AM
Business Wire
Devon Energy Corp. (NYSE: DVN) announced today that its board of
directors has elected Dave Hager (58), most recently Devon’s chief
operating officer, as the company’s new president and chief
executive officer. Hager succeeds John Richels (64), who announced
plans to retire in December 2014. Hager assumed the roles of
president and CEO on Aug. 1, the day after Richels’ retirement
became effective.
“We’re pleased to complete this transition announced late last
year and to have a leader with Dave’s vision, integrity and
industry knowledge step up and guide our company into its next
phase of growth,” said Larry Nichols, Devon’s co-founder and
executive chairman. “We owe John a debt of gratitude for his years
of leadership and dedication, and for working closely with Dave to
ensure a seamless transition. Both have been instrumental in
upgrading our portfolio and better positioning Devon to deliver
shareholder value for years to come.”
Hager joined Devon in 2009, when he was named executive vice
president of exploration and production. From 2007 until joining
the company, Hager served as a member of Devon’s board of
directors.
“I’m excited about the opportunity to build on the foundation
created by two highly successful CEOs, Larry and John,” Hager said.
“With our dedicated employees, top-tier assets, unwavering focus on
execution and financial strength, I’m confident that Devon can
achieve its vision of becoming the premier North American
independent exploration and production company.”
Hager has 35 years of experience in the oil and gas industry,
having started his career in 1979 as a geophysicist with Mobil
Corp. before joining Sun Oil Co. (predecessor of Oryx Energy Co.)
in 1981. Upon the Kerr-McGee/Oryx merger in 1999, he became vice
president of Gulf of Mexico operations for Kerr-McGee. There he
held positions of increasing responsibility, including vice
president of international operations and vice president of
worldwide deepwater exploration and production. He was promoted to
senior vice president responsible for oil and gas exploration and
production in 2003, and chief operating officer in 2005. Hager has
a bachelor’s degree in geophysics from Purdue University and a
master’s degree in business administration from Southern Methodist
University.
In December, when Richels announced his plans to retire, the
board of directors elected him vice chairman, with the intent for
Richels to replace Nichols as chairman upon Nichols’ retirement
from the board in 2016. Richels joined Devon in 1998 and led Devon
Canada Corp., Devon’s Canadian subsidiary, until being elected
president of Devon in 2004. He joined Devon’s board in 2007 and was
elected CEO in 2010.
Devon Energy (NYSE: DVN) is a leading independent energy company
engaged in finding and producing oil and natural gas. Based in
Oklahoma City and included in the S&P 500, Devon operates in
several of the most prolific oil and natural gas plays in the U.S.
and Canada with an emphasis on a balanced portfolio. The company is
the second-largest oil producer among North American onshore
independents. For more information, please visit
www.devonenergy.com.
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Devon Energy CorporationInvestor ContactsHoward
Thill, 405-552-3693Scott Coody, 405-552-4735Shea Snyder,
405-552-4782Media ContactJohn Porretto, 405-228-7506
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