8-KLeadership ChangesExhibits & Filings

DEVON ENERGY CORP/DE 8-K Report, Executive Changes (Aug 3, 2015)

Filed August 3, 2015For Securities:DVN

Summary

Devon Energy Corporation (DVN) announced a significant leadership change via an 8-K filing on August 3, 2015, reporting the appointment of David A. Hager as President and Chief Executive Officer, effective August 1, 2015. This transition follows the resignation and retirement of John Richels from these roles. Mr. Richels will remain with the company as Vice Chairman of the Board of Directors. The appointment of Mr. Hager, who previously served as COO and has extensive experience in the oil and gas sector, is accompanied by adjustments to his compensation package. These include an increased base salary, a higher target percentage for his annual performance bonus, and a performance-restricted stock award. Investors should note this change in top leadership as it signals a potential shift in strategic direction and operational focus under new executive management.

Key Highlights

  • 1David A. Hager appointed as President and Chief Executive Officer, effective August 1, 2015.
  • 2John Richels resigns as President and CEO and retires as an employee, effective July 31, 2015.
  • 3John Richels will continue to serve as Vice Chairman of the Board of Directors.
  • 4Hager's base salary increased to $1,275,000 annually.
  • 5Hager's target annual performance bonus increased to 135% of base salary.
  • 6Hager awarded $1,500,000 in performance restricted stock.
  • 7The filing incorporates by reference a press release dated August 3, 2015, detailing these changes.

Frequently Asked Questions

This 8-K filing is primarily to report a material change in the top leadership of Devon Energy Corporation, specifically the appointment of David A. Hager as the new President and Chief Executive Officer and the departure of John Richels from those roles.

David A. Hager has extensive experience in the oil and gas industry, with 35 years in the sector. Prior to becoming CEO, he served as Devon Energy's Chief Operating Officer since June 2013 and has held other senior roles within the company, including Executive Vice President Exploration and Production. He also has experience as chief operating officer of Kerr-McGee Corporation before its merger with Anadarko Petroleum.

Upon his appointment as President and CEO, Mr. Hager's compensation was adjusted to include an increased base salary to $1,275,000 annually, an increased target annual performance bonus to 135%, and an award of $1,500,000 in performance-restricted stock.

Yes, although John Richels has resigned as President and CEO and retired as an employee, he will continue to serve on the Board of Directors of Devon Energy Corporation as its Vice Chairman.