Charles D. Davidson, Chairman and CEO of Noble Energy, plans to retire 1 May 2015 and will leave the board of directors at that time, the company announced Tuesday. Mr Davidson has served as CEO and Director since joining the company in 2000. The board of directors will propose the election of David L. Stover as a director at its organizational meeting on 22 April and intends to appoint Mr Stover as CEO in October 2014. Mr Davidson will serve as the company’s chairman until the company’s 2015 annual meeting. Mr Stover currently serves as the company’s President and COO.
Mr Stover was elected President and COO of Noble Energy in April 2009. Prior to that, he served in several other executive positions after joining the company in 2002. Before joining Noble Energy, he had been employed by BP America, Vastar Resources and Atlantic Richfield. He holds a bachelor’s degree in petroleum and natural gas engineering from Pennsylvania State University and has 35 years of industry experience.
“Noble Energy has an exciting future that has been created over many years by an incredibly deep and talented organization,” Mr Davidson said. “I am announcing my plans to retire next year with full confidence that the team led by Dave Stover will successfully deliver our exceptionally strong growth plan over the coming years. Dave 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.”
Michael Cawley, Noble Energy’s Lead Independent Director, said of Mr Davidson: “Under Chuck’s leadership, Noble Energy has been transformed into a highly successful global exploration and production company. He will be greatly missed when he retires, but executive succession planning has been a focus of Noble Energy’s Board of Directors for many years… With implementation of the succession plan stretching over 12 months, we anticipate this to be a smooth and seamless transition.”