8-KLeadership Changes

CONOCOPHILLIPS 8-K Report, Executive Changes (May 11, 2006)

Filed May 11, 2006For Securities:COP

Summary

ConocoPhillips filed a Form 8-K on May 11, 2006, to report a change in its Board of Directors. Effective May 10, 2006, Mr. Larry D. Horner retired from the Board. This retirement is in accordance with the company's by-laws and corporate governance guidelines, which stipulate that a director's term automatically concludes at the next annual shareholder meeting after reaching the age of 72. This filing is routine and does not indicate any unexpected events or strategic shifts. Investors should note that such board changes are standard practice for companies with age-based retirement policies for directors. The company's governance structure is designed to ensure regular refreshment of its board leadership.

Key Highlights

  • 1Mr. Larry D. Horner retired from the ConocoPhillips Board of Directors.
  • 2The retirement was effective May 10, 2006.
  • 3The departure is in line with the company's established By-laws and Corporate Governance Guidelines.
  • 4Director's term of office automatically terminates following their 72nd birthday and prior to the next annual shareholder meeting.
  • 5This is a routine governance event, not indicative of performance issues or strategic changes.
  • 6The filing was made on May 11, 2006, reporting an event from May 10, 2006.

Frequently Asked Questions

Mr. Horner retired because he reached the age of 72, which, according to ConocoPhillips' By-laws and Corporate Governance Guidelines, triggers the automatic termination of a director's term of office as of the Company’s next annual shareholder meeting.

No, this is a standard and routine governance event. The company has a policy in place to manage director tenure based on age, ensuring a structured refreshment of the Board. It does not signal any negative developments regarding the company's operations or financial health.

The primary significance of this 8-K filing is to formally announce a change in the composition of the Board of Directors, adhering to regulatory disclosure requirements. It confirms the company's adherence to its own corporate governance policies.