Devon has a new CEO

[Larry OKC]

Devon Energy elects John Richels as new CEO | NewsOK.com

Larry Nichols is no longer chief executive officer of the company he founded with his father 40 years ago, but he isn't ready to step away from Devon Energy Corp. ...

[SkyWestOKC]

Wonder if he likes another 4 stories?

[gmwise]

Executive Chairman.. he isnt going away.

[jn1780]

So what has changed? What does an Executive Chairman do?

Is this an attempt to avoid power struggles when Larry Nichols eventually leaves?

[Thunder]

Wonder if he likes another 4 stories?

I hope he'll make it happen. Too bad for Larry, he won't get the top floor now.

[Spartan]

That was unexpected. I am worried for Devon, Larry Nichols has been the main reason that company has weathered recessions so well in the past.

[Dustin]

At least we dont have to worry about them leaving okc.

[Diesel54]

That was unexpected. I am worried for Devon, Larry Nichols has been the main reason that company has weathered recessions so well in the past.

This has been planned for years. Larry Nichols has been gradually transitioning duties to Richels for a while now.

[Comm'l Real Estate Guy]

This has been planned for years. Larry Nichols has been gradually transitioning duties to Richels for a while now.

Exactly what he said...it has been planned for a long time.

[metro]

Yep, not to mention they've even been transitioning Richels to the face of their tv commercials for several months now.

[gmwise]

At least we dont have to worry about them leaving okc.

shhh! dont jinx it...lol

[mmonroe]

http://www.okctalk.com/okc-metro-are...tml#post337500

[jbrown84]

My only minor concern is that Richels doesn't appear to be a native Oklahoman, so in the long run he may not be as loyal as the Nichols were.

[mugofbeer]

So what has changed? What does an Executive Chairman do?

Is this an attempt to avoid power struggles when Larry Nichols eventually leaves?

Think of it as the stop before "Chairman Emeritus." Yes, its precisely to transition full power with little or no impact to the company when it happens.