Devon names new CEO as Gulf sales become final
OKLAHOMA CITY (AP) - Devon Energy Corp. has named a new CEO as the independent oil and natural gas producer finalizes the sale of its Gulf of Mexico assets.
Devon announced Wednesday during its annual shareholders meeting that 59-year-old John Richels is the company's third CEO. He succeeds Larry Nichols, who has been the company's CEO since 1980, when he took over for his father.
Richels, who has been with Devon for 12 years, also will maintain his role as the company's president.
The 67-year-old Nichols will continue with Devon as its executive chairman. He says the transition from him to Richels has been underway for several years.
Nichols says the last portion of Devon's sale of its Gulf assets should be finalized Wednesday. The $1.05 billion deal with Apache Corp. was announced in April.