Denbury Announces Management Transition Plan
March 21 2017 - 4:30PM
Denbury Resources Inc. (NYSE:DNR) (“Denbury” or the “Company”)
today announced that Phil Rykhoek, the Company’s Chief Executive
Officer for the past eight years, will retire from that role on
June 30, 2017, and, as part of the Company’s leadership succession
plan, the Company’s Board of Directors intends to elect Christian
S. Kendall as Chief Executive Officer as of that date.
“Phil’s executive leadership over more than two
decades has been invaluable and has greatly contributed to
Denbury’s success over that time,” said John Dielwart, Denbury’s
Chairman of the Board. “The Board and I are grateful for Phil’s
many years of service, beginning as one of our first employees and
CFO in 1995, and as our CEO since 2009. Over that period,
Denbury has become one of the world’s leading enhanced oil recovery
producers, and we deeply appreciate Phil’s many accomplishments
that have led to that success.”
“As Chief Operating Officer and now recently
President, Chris has played a crucial role in optimizing Denbury’s
operations with his practiced leadership skills and his broad
industry expertise and knowledge. We believe that Chris’
talents will help to ensure Denbury’s continuing success.”
Mr. Rykhoek commented, “We anticipated that
Chris could ultimately succeed me as CEO when he joined the Company
in 2015. Chris has proven himself to be a great leader and we
believe the time is right for this change. He has been an
integral part of our management team since he joined Denbury, and I
am confident that he will successfully take Denbury to the next
level. We will continue to work closely together throughout
this transition.”
Mr. Rykhoek, 60, will leave his board position
when he retires from his CEO role, and the Board currently intends
for Mr. Kendall to replace Mr. Rykhoek as a director of the
Company. Mr. Rykhoek will continue in a part-time advisory
role until January 2018 as part of the leadership transition.
Mr. Kendall, 50, joined Denbury as Chief
Operating Officer in September 2015 and was named President in
October 2016. Mr. Kendall has over 27 years of experience in
the oil and gas industry, holding a variety of technical and
leadership roles, both international and domestic. Prior to
joining Denbury, he spent 14 years with Noble Energy, most recently
as Senior Vice President, Global Operations Services. His
prior assignments at Noble Energy include serving as Vice
President, Gulf of Mexico, and as Business Unit Manager and Vice
President, Noble Energy Mediterranean, Ltd. Mr. Kendall began
his career with Mobil Oil Corporation in 1989. He holds a
Bachelor of Science degree in Engineering, Civil Specialty, from
the Colorado School of Mines.
Denbury is an independent oil and natural gas
company with operations focused in two key operating areas: the
Gulf Coast and Rocky Mountain regions. The Company’s goal is
to increase the value of its properties through a combination of
exploitation, drilling and proven engineering extraction practices,
with the most significant emphasis relating to CO2 enhanced oil
recovery operations.
DENBURY CONTACTS:
Mark C. Allen, Senior Vice President and Chief Financial Officer, 972.673.2000
John Mayer, Investor Relations, 972.673.2383
Denbury Resources (NYSE:DNR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Denbury Resources (NYSE:DNR)
Historical Stock Chart
From Apr 2023 to Apr 2024