Devon Energy Corp 8-K, filed Dec 9, 2024
Devon Energy Corp (DVN)
About this 8-K
Devon Energy Corp filed this 8-K on December 9, 2024, reporting on events of December 6, 2024.
Items reported
- Item 5.02: Director or officer change, or executive pay
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 6, 2024, (i) Richard E. Muncrief provided notice that he will retire from his position as President and Chief Executive Officer and as a member of the Board of Directors (the “Board”) of Devon Energy Corporation (the “Company”), effective as of 8:00 a.m. Central Time on March 1, 2025 (the “Effective Time”), and (ii) the Board appointed Clay M. Gaspar as President and Chief Executive Officer and as a member of the Board, effective as of the Effective Time.
Mr. Gaspar currently serves as the Company’s Executive Vice President and Chief Operating Officer. In connection with Mr. Gaspar’s appointment as President and Chief Executive Officer, the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) approved the following compensation: (i) a base salary at an annualized rate of pay of $1,000,000, and (ii) a target percentage for the annual performance cash bonus of 130% of base salary, in each case effective as of the Effective Time. The Compensation Committee also established a target level for the grant value of annual long-term equity incentives to be awarded by the Compensation Committee of $8,000,000. There are no arrangements or understandings between Mr. Gaspar and any other person in connection with his appointment to the Board. Mr. Gaspar’s biography and other information required by Item 5.02(c) of Form 8-K may be found in the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 25, 2024, and such information is incorporated herein by reference.
Mr. Muncrief’s decision to retire from the Board is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Following his retirement from the Board, Mr. Muncrief will continue in a special advisory capacity to the Company until his planned departure as an employee of the Company in the second quarter of 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DEVON ENERGY CORPORATION | ||
| By: | /s/ Christopher J. Kirt | |
| Christopher J. Kirt | ||
| Vice President Corporate Governance and Secretary | ||
Date: December 9, 2024