Devon Energy President and CEO, Rick Muncrief, to Retire March 1, 2025; Clay Gaspar, Devon Chief Operating Officer, to Succeed Muncrief
Devon Energy (NYSE: DVN) has announced that President and CEO Rick Muncrief, 66, will retire effective March 1, 2025. The board has appointed current Chief Operating Officer Clay Gaspar to succeed Muncrief as President, CEO, and board member.
Board chair John Bethancourt praised Muncrief's 45-year industry career and his contributions since the WPX Energy merger in 2021. Gaspar's appointment results from a comprehensive succession planning process, with the board expressing confidence in his experience and vision to create additional long-term shareholder value.
The company confirmed that its strategic objectives will remain unchanged during this leadership transition.
Devon Energy (NYSE: DVN) ha annunciato che il Presidente e CEO Rick Muncrief, 66 anni, si ritirerà il 1 marzo 2025. Il consiglio di amministrazione ha nominato l'attuale Chief Operating Officer Clay Gaspar come successore di Muncrief nel ruolo di Presidente, CEO e membro del consiglio.
Il presidente del consiglio John Bethancourt ha elogiato la carriera di 45 anni di Muncrief nel settore e il suo contributo dopo la fusione con WPX Energy nel 2021. La nomina di Gaspar è il risultato di un processo di pianificazione successoria completo, con il consiglio che esprime fiducia nella sua esperienza e visione per creare ulteriore valore a lungo termine per gli azionisti.
L'azienda ha confermato che i suoi obiettivi strategici rimarranno invariati durante questa transizione di leadership.
Devon Energy (NYSE: DVN) ha anunciado que el Presidente y CEO Rick Muncrief, de 66 años, se retirará a partir del 1 de marzo de 2025. La junta ha nombrado al actual Director de Operaciones Clay Gaspar para suceder a Muncrief como Presidente, CEO y miembro de la junta.
El presidente de la junta, John Bethancourt, elogió la carrera de 45 años de Muncrief en la industria y sus contribuciones desde la fusión con WPX Energy en 2021. La designación de Gaspar es el resultado de un proceso integral de planificación de sucesiones, con la junta expresando confianza en su experiencia y visión para crear un valor adicional a largo plazo para los accionistas.
La empresa confirmó que sus objetivos estratégicos permanecerán sin cambios durante esta transición de liderazgo.
데본 에너지 (NYSE: DVN)는 66세의 사장 겸 CEO 릭 먼크리프가 2025년 3월 1일부로 은퇴한다고 발표했습니다. 이사회는 현재 COO인 클레이 가스파르를 먼크리프의 후임으로 사장, CEO 및 이사회 멤버로 임명했습니다.
이사회 의장인 존 베탄코트는 먼크리프의 45년 경력과 2021년의 WPX 에너지 합병 이후 기여를 칭찬했습니다. 가스파르의 임명은 포괄적인 승계 계획 프로세스의 결과이며, 이사회는 그의 경험과 비전으로 추가적인 장기 주주 가치를 창출할 것이라는 확신을 표명했습니다.
회사는 이 리더십 전환 기간 동안 전략적 목표가 변하지 않을 것임을 확인했습니다.
Devon Energy (NYSE: DVN) a annoncé que le président et CEO Rick Muncrief, âgé de 66 ans, prendra sa retraite à compter du 1er mars 2025. Le conseil d'administration a nommé l'actuel directeur des opérations Clay Gaspar pour succéder à Muncrief en tant que président, CEO et membre du conseil.
Le président du conseil, John Bethancourt, a salué la carrière de 45 ans de Muncrief dans l'industrie et ses contributions depuis la fusion avec WPX Energy en 2021. La nomination de Gaspar résulte d'un processus de planification de la succession complet, avec un conseil qui exprime sa confiance dans son expérience et sa vision pour créer une valeur ajoutée à long terme pour les actionnaires.
L'entreprise a confirmé que ses objectifs stratégiques resteront inchangés durant cette transition de leadership.
Devon Energy (NYSE: DVN) hat angekündigt, dass der Präsident und CEO Rick Muncrief, 66 Jahre alt, am 1. März 2025 in den Ruhestand treten wird. Der Vorstand hat den derzeitigen Chief Operating Officer Clay Gaspar ernannt, um Muncrief als Präsident, CEO und Vorstandsmitglied nachzufolgen.
Der Vorsitzende des Vorstands, John Bethancourt, lobte Muncriefs 45-jährige Karriere in der Branche und seine Beiträge seit der Fusion mit WPX Energy im Jahr 2021. Gaspars Ernennung ist das Ergebnis eines umfassenden Nachfolgeplans, wobei der Vorstand Vertrauen in seine Erfahrung und Vision hat, um zusätzlichen langfristigen Aktionärswert zu schaffen.
Das Unternehmen bestätigte, dass seine strategischen Ziele während dieses Führungsübergangs unverändert bleiben werden.
- Planned and organized leadership transition with internal successor
- Continuity of strategic objectives assured by the board
- New CEO has significant operational experience as former COO
- None.
Insights
The planned CEO transition at Devon Energy appears well-orchestrated, with a 15-month notice period and internal succession choice indicating strong corporate governance. Clay Gaspar's promotion from COO maintains operational continuity, suggesting minimal disruption to Devon's existing strategy and operations. The lengthy transition period allows for smooth knowledge transfer and stakeholder relationship management.
Devon's position as a significant S&P 500 energy producer remains secure, with the management change unlikely to alter its market trajectory or strategic direction. The outgoing CEO Muncrief's tenure saw successful integration of the WPX Energy merger, leaving a solid foundation for his successor. This type of orderly C-suite transition typically helps maintain market confidence and operational stability.
The succession announcement is notably transparent and well-timed, which should help maintain investor confidence. Gaspar's internal promotion suggests continuity in Devon's financial and operational strategies, including capital allocation and shareholder return policies. The extended transition period provides ample time for market adjustment and strategic planning under the new leadership.
While CEO transitions can create market uncertainty, this change appears unlikely to significantly impact Devon's financial performance or stock valuation in the near term. The company's emphasis on maintaining strategic objectives and focus on shareholder returns indicates stability in its financial direction. The smooth transition process reflects strong corporate governance, which is typically viewed favorably by institutional investors.
OKLAHOMA CITY, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Rick Muncrief, 66, has announced his retirement from the position of President and Chief Executive Officer and member of the Board of Directors of Devon Energy Corporation (NYSE: DVN), effective March 1, 2025. The board of directors has appointed Clay Gaspar, currently Devon’s Chief Operating Officer, to succeed Muncrief as President and CEO and as a member of the board, effective March 1, 2025.
“Rick’s vision and stewardship have delivered significant value to Devon shareholders since the merger with WPX Energy in 2021,” said John Bethancourt, Devon’s board chair. “Rick’s contributions to the oil and gas business go well beyond Devon. He is a 45-year veteran and recognized leader in our industry successfully serving multiple companies in technical and management roles. He has also held leadership positions in numerous industry trade groups and civic organizations. On behalf of Devon’s employees and the board of directors, I would like to thank Rick for his service to Devon and our industry throughout his long-distinguished career.”
"Clay’s selection as our next CEO is the result of a comprehensive succession planning process conducted by our board,” said Bethancourt. “He is an experienced leader, with the vision and industry expertise to guide Devon as we move forward. We are excited to collaborate with Clay to build upon the past success of Devon and create additional long-term value for our shareholders.”
“It has been an honor to lead Devon over the last four years and WPX Energy for the seven years prior as well. I believe the company is nicely positioned for the future. Our portfolio of assets is second to none and I am confident our experienced leadership team and talented employees will take the company to greater heights in the future,” said Muncrief. “Clay is a proven leader with significant experience in all aspects of our business and I couldn’t be more excited about Devon’s future with him in the CEO role.”
Gaspar said, “I am excited and humbled for the opportunity to lead such an outstanding organization. I want to thank Rick for his leadership and mentorship. We will remain focused on operating excellence across our portfolio of assets to deliver competitive and sustainable returns for our shareholders. Devon’s strategic objectives will remain the same while we leverage this opportunity to raise the bar.”
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit our website at www.devonenergy.com.
Investor Contacts
Rosy Zuklic, 405-552-7802
Chris Carr, 405-228-2496
Media Contact
Michelle Hindmarch, 405-552-7460
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