8-KLeadership ChangesExhibits & Filings

DEVON ENERGY CORP/DE 8-K Report, Executive Changes (Dec 8, 2014)

Filed December 8, 2014For Securities:DVN

Summary

This Form 8-K filing from Devon Energy Corporation (DVN), dated December 8, 2014, announces significant leadership changes. The key event is the planned retirement of President and CEO John Richels, effective July 31, 2015. Mr. Richels will transition to Vice Chairman and is expected to remain on the Board of Directors following his retirement from operational duties. The company has elected David A. Hager, currently the Chief Operating Officer, to succeed Mr. Richels as President and Chief Executive Officer. This transition is set to take effect immediately upon Mr. Richels' retirement. Mr. Hager, who joined Devon in 2009 and has held executive roles in Exploration and Production before becoming COO, also has prior experience as a member of Devon's Board of Directors.

Key Highlights

  • 1John Richels, President and CEO, will retire effective July 31, 2015.
  • 2Mr. Richels will assume the role of Vice Chairman and is expected to continue on the Board.
  • 3David A. Hager, current COO, is appointed as the new President and CEO, effective upon Mr. Richels' retirement.
  • 4Mr. Hager joined Devon in March 2009 and has held key operational and exploration leadership positions.
  • 5Mr. Hager previously served on the Devon Board of Directors from 2007.
  • 6The company filed a press release as an exhibit detailing these leadership changes.

Frequently Asked Questions

David A. Hager, the current Chief Operating Officer, has been elected to succeed John Richels as President and Chief Executive Officer, effective upon Mr. Richels' retirement on July 31, 2015.

Upon his retirement as President and CEO, John Richels will become Vice Chairman and is expected to continue serving on the Board of Directors.

John Richels' retirement is effective July 31, 2015. David A. Hager's appointment as President and CEO will take effect immediately upon Mr. Richels' retirement.

David A. Hager joined Devon Energy in March 2009 as Executive Vice President of Exploration and Production. He was appointed Chief Operating Officer in June 2013 and also served on the company's Board of Directors from 2007 until his appointment as Executive Vice President.