Devon Energy CEO John Richels To Retire In July, COO Dave Hager To Succeed

(RTTNews) - Devon Energy Corp. (DVN), Wednesday said its Chief Executive John Richels will retire at July end. The oil and gas company's board intends to appoint COO Dave Hager to succeed Richels as President and CEO.

The board of directors has elected Richels vice chairman of the board, effective immediately, with the intent for Richels to replace Larry Nichols as chairman upon Nichols' retirement from the board in 2016. At that time, Nichols is expected to become chairman emeritus.

Richels joined Devon in 1998 and led Devon Canada Corp., Devon's Canadian subsidiary, until being elected president of Devon in 2004. In 2007, Richels joined Devon's board of directors and was elected chief executive officer in 2010.