Devon Energy Corporation Announces CEO Transition

Devon Energy Corporation (NYSE: DVN) disclosed in a recent 8-K filing on December 6, 2024, that Richard E. Muncrief, the President and Chief Executive Officer, will retire from his position and also step down as a member of the Board of Directors effective from 8:00 a.m. Central Time on March 1, 2025. Concurrently, the Board appointed Clay M. Gaspar, currently serving as the company’s Executive Vice President and Chief Operating Officer, to take over as the new President and CEO as well as a Board member starting from the same effective date.

In conjunction with the appointment of Mr. Gaspar, the Compensation Committee of Devon Energy’s Board of Directors sanctioned several compensation arrangements. These include an annualized base salary of $1,000,000 for Mr. Gaspar and a target annual performance cash bonus computed at 130% of the base salary, both effective as of the aforementioned Effective Time. Moreover, the Compensation Committee established a target grant value of annual long-term equity incentives at $8,000,000.

Notably, there are no undisclosed arrangements or agreements between Mr. Gaspar and any third party regarding his appointment to the Board. Further details concerning Mr. Gaspar’s background can be found in Devon Energy Corporation’s Definitive Proxy Statement on Schedule 14A submitted to the Securities and Exchange Commission on April 25, 2024, with such information being incorporated by reference into the filing.

Mr. Muncrief’s decision to retire and step down from the Board was clarified in the filing to not be a result of any discrepancies with the company’s policies, practices, or operations. Post his retirement from the Board, Mr. Muncrief is expected to continue serving the company in a special advisory capacity until his scheduled departure as an employee in the second quarter of 2025.

Devon Energy Corporation offers information on the departure of key executives in line with the disclosure requirements of Form 8-K filed with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Devon Energy’s 8K filing here.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.