Devon Energy Appoints John Bethancourt as Chair of Its Board of Directors
Devon Energy Corp. (NYSE: DVN) has appointed John Bethancourt as the independent chair of its board of directors, effective July 1, 2024. Bethancourt, who joined Devon's board in 2014 and has extensive experience in the energy sector, succeeds Barbara Baumann. Baumann will remain on the board and join the compensation and governance committees. Rick Muncrief, president and CEO, emphasized Bethancourt's leadership and strategic insight, which have been instrumental in shaping the company. Bethancourt's background includes various roles at Chevron and Texaco, with expertise in human resources, environmental issues, and energy infrastructure. This appointment underscores Devon's commitment to separating chair and CEO roles, enhancing governance practices.
- John Bethancourt's appointment as chair underscores Devon's commitment to strong governance by separating the chair and CEO roles.
- Bethancourt has extensive industry experience, having served in key roles at Chevron and Texaco.
- Rick Muncrief highlighted Bethancourt's strategic insight and leadership as pivotal to Devon's success.
- Barbara Baumann will remain on the board, ensuring continuity and experienced oversight.
- Bethancourt's expertise in human resources, environmental matters, and infrastructure will benefit Devon's strategic direction.
- The transition involves a change in leadership which can introduce uncertainties in company strategy and direction.
- Barbara Baumann stepping down as chair might be perceived as a loss of leadership stability.
OKLAHOMA CITY, June 05, 2024 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) announced today that the company’s board of directors has appointed John Bethancourt as independent chair of the board, effective July 1, 2024. Bethancourt joined Devon’s board in 2014 following his retirement from Chevron’s executive team. He currently chairs the board’s reserves committee while also serving on the board’s compensation committee.
Bethancourt succeeds Barbara Baumann, who will remain on the board and join the compensation committee and governance, environmental, and public policy committee. Baumann was recently named chair of the independent board of trustees of the Putnam Mutual Funds, effective July 1, 2024, a commitment that was anticipated at the time she was named Devon’s chair of the board in 2022.
“John’s appointment continues the company’s governance tradition of separating the chair and CEO roles. Over the past decade, John’s leadership, vast industry expertise and strategic insight have played a pivotal role in shaping Devon into the company we are today,” said Rick Muncrief, president and CEO. “I am confident in John’s capabilities and am eager to collaborate with him as we continue to execute on the tenets of our disciplined strategy.”
“I would also like to express my sincere appreciation to Barbara. As chair of our board, Barbara has been an exceptional strategic partner of mine. Her unwavering commitment to leading governance and inclusiveness practices has set a high standard for us all,” Muncrief commented. “I’m grateful that Barbara will continue to bring her judgment, long-time energy industry experience and retail investor perspectives to our future board deliberations.”
Bethancourt has broad competencies in matters impacting the energy industry and companies in general, including in areas relating to human resources, environmental matters, and energy-related infrastructure. He is a retired Chevron executive, serving most recently as executive vice president for technology and services, where he oversaw Chevron’s environmental, health and safety efforts, major project management, procurement, and mining operations. Bethancourt began his career with Getty Oil Co. in 1974 and joined Texaco Inc. through a 1984 merger. He earned a bachelor’s degree in petroleum engineering from Texas A&M University.
ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.
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