Denbury Resources reported that in accordance with its previously announced succession plan, Gareth Roberts, founder of the Company, stepped down as President and CEO, became Co-Chairman of the Board of Directors and assumed a non-officer role as its Chief Strategist. Effective today, Phil Rykhoek, currently Senior VP and Chief Financial Officer, became the new CEO and Tracy Evans, currently Senior VP Reservoir Engineering became President and Chief Operating Officer. Mark Allen, currently VP and Chief Accounting Officer, became Senior VP and Chief Financial Officer. Alan Rhoades, currently Controller – Financial Reporting, became Vice President of Accounting.
Commenting on the changes, Mr. Wieland Wettstein, Co-Chairman of the Board, said, "As a founding shareholder and Director, I have had the opportunity to see our Company grow from no more than an idea into its present stature as a leader in tertiary recovery with over 800 employees. Gareth Robert's vision and leadership, including his ability to develop a strong management team and a succession plan for his transition, has been instrumental in this building process, and on behalf of the Company, our Board, and our employees, I wish to express our sincere gratitude. While Gareth will no longer be active in day-to-day operations or management, we are pleased that he remains on our Board as Co-Chairman and Chief Strategist.
"We are also pleased that we could promote from within our leadership team and recognize and reward the talents and abilities of the promoted individuals, all of whom have significant experience with Denbury. Although individual titles and responsibilities have changed, our senior management will continue to operate, as it has for several years, through our Investment Committee structure. The Investment Committee will consist of Messrs. Rykhoek, Evans, Allen and Robert Cornelius, our Senior VP Operations, all current members of the committee."
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