Pioneer Natural Resources Company Announces CEO Tim Dove to Retire; Chairman Scott Sheffield to Return as CEO
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) today announced that Timothy L. Dove will retire as CEO and a
Board Director effective immediately. Scott D. Sheffield, Chairman of
the Board, will return to his former role as Chief Executive Officer.
Scott was Pioneer’s founding CEO, serving from 1997 to 2016, and has
served as Chairman since 1999. Lead Director, J. Kenneth Thompson, will
become Chairman of the Board, also effective immediately.
Scott Sheffield stated, “Tim has expressed his desire to retire and we
have mutually agreed that now is the right time. Tim has been a valued
colleague and made meaningful contributions to Pioneer over his 24 years
with the Company. We wish him well for the future.
“Over the last several years, our industry has changed significantly,
and we have become a pure play Permian company. Our Board and I are
focused on continuing to enhance performance and capital efficiency and
delivering strong results for our shareholders. In the coming weeks, I
plan to engage with our employees and shareholders to understand their
views on how to expand Pioneer’s industry leadership position.”
Ken Thompson said, “When it became clear that Tim would retire, we asked
Scott to step back into the CEO role. Scott is fully committed to the
role for the long term. On behalf of the Board, I thank Tim for his
dedication to Pioneer over the years, and Scott for being willing to
step back in as CEO.”
Tim Dove stated, “I believe that, for me personally, it is the right
time to step aside. I am grateful for the opportunities afforded me over
the years at Pioneer, and I am excited for my next chapter. It has been
a true honor to lead the people of Pioneer. I look forward to seeing
them do great things in the future.”
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations in the United
States. For more information, visit www.pxd.com.
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Copyright Business Wire 2019
Source: Business Wire
(February 21, 2019 - 4:05 PM EST)
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