New CEO for Pioneer

New CEO for Pioneer
Timothy L. Dove will retire as CEO and a board director, effective immediately.

Pioneer Natural Resources Company revealed Thursday that Timothy L. Dove will retire as CEO and a board director, effective immediately.

The company said Scott D. Sheffield, chairman of the board, will return to his former role as CEO. Sheffield was Pioneer’s founding CEO, serving from 1997 to 2016, and has served as chairman since 1999. Lead director, J. Kenneth Thompson, will become chairman of the board, also effective immediately.

“Tim has expressed his desire to retire and we have mutually agreed that now is the right time. Tim has been a valued colleague and made meaningful contributions to Pioneer over his 24 years with the company. We wish him well for the future,” Sheffield said in a company statement.

“Over the last several years, our industry has changed significantly, and we have become a pure play Permian company. Our board and I are focused on continuing to enhance performance and capital efficiency and delivering strong results for our shareholders,” he added.

“In the coming weeks, I plan to engage with our employees and shareholders to understand their views on how to expand Pioneer’s industry leadership position,” Sheffield continued.

Commenting on Dove’s retirement, Ken Thompson said, “when it became clear that Tim would retire, we asked Scott to step back into the CEO role”.

“Scott is fully committed to the role for the long term. On behalf of the board, I thank Tim for his dedication to Pioneer over the years, and Scott for being willing to step back in as CEO,” he added.

Tim Dove said, “I believe that, for me personally, it is the right time to step aside”.

“I am grateful for the opportunities afforded me over the years at Pioneer, and I am excited for my next chapter. It has been a true honor to lead the people of Pioneer. I look forward to seeing them do great things in the future,” he added.

Headquartered in Dallas, Texas, Pioneer is an independent oil and gas exploration and production company, with operations in the United States, which traces its roots back to 1962.

Last week, Pioneer reported fourth quarter net income attributable to common stockholders of $324 million, or $1.89 per diluted share. For the full-year 2018, the company reported net income attributable to common stockholders of $978 million, or $5.70 per diluted share.

“The company delivered an excellent fourth quarter, serving to cap a strong year where we sharpened our focus on our peer-leading Permian asset,” Dove said in a company statement posted on February 13.


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