David L. Stover will succeed Charles D. Davidson as chairman and CEO of Noble Energy.
Noble Energy Inc. President and Chief Operating Officer David L. Stover will succeed Charles D. Davidson as chairman and chief executive officer of Noble, the company reported Tuesday.
Davidson, who has served as chief executive officer and director since joining Noble in 2000, will retire from the company May 1, 2015. He also will leave the company’s board of directors at that time. Noble’s board of directors proposes to elect Stover as a director at its April 22 meeting following its annual meeting, and plans to name Stover as Noble’s chief executive officer in October 2014. Davidson will continue to serve as chairman until Noble’s 2015 annual meeting.
Stover was elected president and chief operating officer of Noble in April 2009. He previously served in several other executive positions following his joining the company in 2002, including BP America Inc., Vastar Resources and Atlantic Richfield.
“David has played a key role in Noble Energy’s success in recent years and has all the necessary skills to lead the Company to even greater performance in the future,” said Davidson in an April 15 press statement.
“While it will be extremely difficult for me to leave my fellow employees at Noble Energy, I will leave knowing that the time is right and that the Board has thoroughly planned for this leadership transition and succession,” Davidson commented.
Davidson said he would retire with full confidence that the team led by Dave Stover will successfully deliver Noble’s exceptionally strong growth plan over the coming years. This plan includes more than doubling the company’s production by 2018 and increasing its cash flow to $1 billion a year. This year, the company plans to accelerate its U.S. onshore developments and develop its next phase of major projects, Noble said in a February 2014 presentation. The company’s growth will be led by its DJ Basin, Marcellus shale and offshore Israel operations.
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