Bill Way, who previously served as president and Chief Operating Officer of Southwestern Energy Company, has now been named as CEO of the Houston-based oil and natural gas company, set to succeed current CEO Steve Mueller who will retire this May.
“Bill has played a key role in developing the assets and organization since he joined the company in 2011, and while I will miss working day-to-day with this talented group, I am confident this is the right time and Bill is the right person to meet the challenges we face,” Mueller said in written release. “I look forward to continue working with him and the entire [board of directors] through the transition period over the next five months.”
During a summit in late October 2015, Mueller told attendees, “the goal is not to have a perfect succession plan or perfection within each group,” but “to have the best value for [the company’s] shareholders and other stakeholders.”
Noting the “difficult times” for the oil and gas industry and the company, Way, who will also serve on Southwestern’s board of directors, shared his commitment to investing within the company’s cash flow, stabilizing the company’s debt, reducing its cost structure and addressing the balance sheet. Way said Southwestern is being redesigned to win in the competitive North American natural gas marketplace.
Mueller will continue to serve as a director and non-executive chairman of the board until his retirement.
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