8-KLeadership ChangesExhibits & Filings

DEVON ENERGY CORP/DE 8-K Report, Executive Changes (Apr 20, 2017)

Filed April 20, 2017For Securities:DVN

Summary

This 8-K filing from Devon Energy Corporation announces a significant change in its executive leadership, specifically the appointment of Mr. Jeffrey L. Ritenour as the new Executive Vice President and Chief Financial Officer (CFO), effective April 19, 2017. Mr. Ritenour is an internal promotion with extensive experience within the company, having served in various financial and leadership roles since 2001. This appointment reflects a continuity strategy, leveraging his deep understanding of Devon Energy's operations and financial structure. The filing also details the compensation package approved for Mr. Ritenour, including a base salary of $575,000, a target annual performance bonus of 90% of base salary, and a performance-based restricted stock award valued at approximately $700,000. The terms of his employment, including severance provisions in the event of termination under specific circumstances (such as termination without cause or for good reason, and enhanced benefits in connection with a change in control), are outlined. Concurrently, the former CFO, Mr. Thomas L. Mitchell, has been terminated and is eligible for a previously disclosed severance package.

Key Highlights

  • 1Appointment of Jeffrey L. Ritenour as Executive Vice President and Chief Financial Officer, effective April 19, 2017.
  • 2Mr. Ritenour is an internal candidate with 16 years of experience at Devon Energy in various financial and leadership positions.
  • 3Mr. Ritenour's compensation includes a base salary of $575,000 and a target annual bonus of 90% of base salary.
  • 4A performance restricted stock award valued at approximately $700,000 was granted to Mr. Ritenour.
  • 5Comprehensive severance package for Mr. Ritenour is detailed, including provisions for termination without cause, for good reason, and a change in control.
  • 6Former CFO, Thomas L. Mitchell, has been terminated and will receive a severance package.
  • 7The company issued a press release on April 19, 2017, announcing Mr. Ritenour's appointment.

Frequently Asked Questions

Mr. Jeffrey L. Ritenour has been appointed as the new Executive Vice President and Chief Financial Officer of Devon Energy Corporation.

Mr. Ritenour's compensation includes a base salary of $575,000, a target annual performance cash bonus of 90% of his base salary, and a performance restricted stock award valued at approximately $700,000. He will also participate in standard employee benefit plans.

Mr. Thomas L. Mitchell, the former Executive Vice President and Chief Financial Officer, has been terminated from the company and is eligible to receive a previously disclosed severance package, which includes a lump-sum cash payment and accelerated vesting of certain long-term incentive awards.

Mr. Ritenour is eligible for severance if his employment is terminated other than for 'cause' or if he resigns for 'good reason.' This includes a cash payment equal to three times his base salary and annual bonus, prorated bonus, extended health and welfare benefits, life insurance, and outplacement assistance. Enhanced benefits apply in the event of termination within 24 months of a 'change in control'.