Devon Energy co-founder J. Larry Nichols will retire from the company as an employee as of Dec. 31, according to a Dec. 11 Securities and Exchange Commission filing.
Nichols informed the board of his decision Dec. 7. Nichols will continue to serve as a company director and executive chairman of the company's board of directors "and will continue to perform all of the responsibilities associated with those positions," according to the filing.
The decision is in line with the previously disclosed succession plan. In 2010, Devon elected the company's president John Richels to the additional position of chief executive officer.
The election of Richels to chief executive officer was the culmination of the process of transitioning these responsibilities to Richels from Nichols, who had served as chief executive officer since 1980.
"His extraordinary leadership skills, keen business acumen and proven track record make John the obvious choice as my successor," said Nichols in a June 9, 2010 statement. "I look forward to continuing to serve Devon on a day-to-day basis assisting with the company's strategic positioning and public affairs."
Nichols and his father John Nichols co-founded the Oklahoma City-based company in 1971, according to the company's website.
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