Current COO Richard Betz named successor CEO effective January 1, 2017

Resolute Energy (ticker: REN) announced Wednesday that Nicholas Sutton will retire as CEO effective December 31, 2016. Resolute’s board of directors also approved a transition plan under which the company’s COO, Richard Betz, will succeed Sutton as the company’s Chief Executive Officer. Sutton will continue to work with Resolute as the executive chairman of the company’s board of directors, and continue to maintain an office in Denver, the company said in a press release.

Sutton has been chairman of the board and CEO of the Resolute and its predecessor and affiliated entities since the company’s formation in 2004.

Betz has served as the executive vice president and COO since March 2012, was senior vice president of strategy and planning of the company from September 2009 to March 2012, and vice president of the company and its predecessor and affiliated entities since the company’s formation in 2004.

“Nick Sutton has been an exceptional leader of Resolute since the inception of the company,” said Lead Independent Director James Duffy. “He has overseen the diversification of the company from an Anethcentric conventional producer into a very successful Delaware Basin horizontal driller. Nick guided Resolute through the very difficult period faced by the oil and gas industry related to the commodity price downturn that started in 2014.

“Rick has also been a key member of the executive management team since the inception of the company,” continued Mr. Duffy. “In his position as COO, Rick has overseen the development of the company’s Permian Basin business unit into the primary growth engine for the company. Rick has also been deeply involved in the financial and strategic initiatives of the company from the start. Rick is extremely well respected throughout the Company and beyond and the Board is confident that he will continue to guide Resolute on its current growth path.”

Resolute Energy presented Monday, August 15, at EnerCom’s The Oil & Gas Conference® 21 in Denver, Colorado. The company’s presentation is available here.

Legal Notice