8-KLeadership ChangesExhibits & Filings

DEVON ENERGY CORP/DE 8-K Report, Executive Changes (Mar 16, 2009)

Filed March 16, 2009For Securities:DVN

Summary

Devon Energy Corporation (DVN) has filed an 8-K report detailing a significant executive transition. David A. Hager, previously a member of the Board of Directors and Chairman of the Reserves Committee, has resigned from the board to assume the role of Executive Vice President, Exploration and Production. This position was formerly held by Stephen J. Hadden, who resigned to pursue other opportunities. Mr. Hager's move from the board to an operational executive role, effective March 11, 2009, brings his extensive experience in oil and gas exploration and production to a more hands-on management capacity. His new role will be supported by a starting annual base salary of $675,000, an award of 20,000 restricted shares of common stock, and 45,000 stock options, with eligibility for performance bonuses and other employee benefits. Meanwhile, Mr. Hadden's departure is governed by a Separation and Release Agreement, ensuring he receives benefits consistent with a termination without cause, while remaining bound by confidentiality and non-solicitation covenants.

Key Highlights

  • 1David A. Hager resigns from the Board of Directors to become Executive Vice President, Exploration and Production.
  • 2Stephen J. Hadden resigns from his role as Executive Vice President, Exploration and Production.
  • 3Mr. Hager's compensation package includes a $675,000 base salary, 20,000 restricted stock shares, and 45,000 stock options.
  • 4Mr. Hager has over 25 years of oil and gas exploration and production experience, including deepwater projects.
  • 5Mr. Hadden's departure is formalized through a Separation and Release Agreement.
  • 6Mr. Hadden will receive benefits consistent with a termination without cause and remains bound by non-solicitation and non-disclosure clauses.

Frequently Asked Questions

David A. Hager resigned from the Board of Directors to accept the executive position of EVP, Exploration and Production, a move designed to leverage his extensive industry experience in an operational capacity.

Mr. Hager's compensation includes a starting annual base salary of $675,000, an award of 20,000 restricted shares of Devon common stock, and 45,000 Devon stock options. He is also eligible for the company's performance bonus program and other standard employee benefits.

Stephen J. Hadden's resignation is managed under a Separation and Release Agreement. This agreement provides him with payments and benefits equivalent to what he would have received if terminated by the company without cause, while also including a release of claims and retaining his obligations regarding non-solicitation and non-disclosure.

This filing primarily details an internal executive transition. The move of David A. Hager, with his deep expertise in exploration and production, into a key operational role suggests a focus on strengthening that division. Investors should monitor future operational reports and management commentary for further insights into strategic direction.