Devon’s co-founder and chairman, J Larry Nichols, who has served as chief executive officer since 1980, will continue with the company in the newly created position of executive chairman.
Mr Richels has served as president of the company since 2004 and has served on Devon’s executive committee since 1998. Prior to joining Devon in 1998, he served as chief financial officer of Northstar Energy.
Larry Nichols, executive chairman of Devon Energy, said: “The process of transitioning the responsibilities of the CEO role to John has been underway for the last several years.
“His extraordinary leadership skills, keen business acumen and proven track record make John the obvious choice as my successor. I look forward to continuing to serve Devon on a day-to-day basis assisting with the company’s strategic positioning and public affairs.”
