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Posted 26 April, 2023

PIONEER NATURAL RESOURCES CO appointed Richard P. Dealy as new CEO

NYSE:PXD appointed new Chief Executive Officer Richard P. Dealy in a 8-K filed on 26 April, 2023.


  On April 21, 2023, the Board unanimously approved a succession plan under which Richard P. Dealy, age 57, will succeed Mr. Sheffield as the Company's CEO, effective as of January 1, 2024.  

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Overview of PIONEER NATURAL RESOURCES CO
Companies on the Energy Service • Upstream Oil & Gas
Pioneer Natural Resources Co. operates as an independent oil and gas exploration and production company. The firm engages in hydrocarbon exploration in the Cline Shale. It focuses on the operation of the Permian Basin, Eagle Ford Shale, Rockies, and West Panhandle projects. The company was founded by Scott Douglas Sheffield on April 2, 1997, and is headquartered in Irving, TX.
Market Cap
$54.8B
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PIONEER NATURAL RESOURCES CO by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


Succession of Chief Executive Officer


On April 21, 2023, Scott D. Sheffield, Chief Executive Officer (the "CEO") of the Company, informed the Board of Directors (the "Board") of the Company that he intends to retire as the Company's CEO, effective end of day on December 31, 2023 (the "Transition Date"). 


On April 21, 2023, the Board unanimously approved a succession plan under which Richard P. Dealy, age 57, will succeed Mr. Sheffield as the Company's CEO, effective as of January 1, 2024. Mr. Dealy has served as the Company's President and Chief Operating Officer since January 2021 and previously served as the Company's Executive Vice President and Chief Financial Officer from November 2004 through December 2020. Mr. Dealy has held previous leadership positions throughout the Company during his more than 30 years of tenure at the Company, including as a director of the general partner of Pioneer Southwest Energy Partners, a publicly traded Master Limited Partnership from 2007 to its acquisition in 2013. He is also a Certified Public Accountant.


Following his retirement as the Company's CEO on the Transition Date, Mr. Sheffield, who is nominated for election as a member of the Board at the Company's upcoming Annual Meeting of Stockholders, is expected to remain with the Company in his capacity as a member of the Board, will be compensated as a non-employee director while he remains on the Board, and will no longer be entitled to any compensation as an employee or officer of the Company. 


The Company has not entered into, amended, or modified any plan, contract, arrangement, grant, or award in connection with the Board's appointment of Mr. Dealy as CEO. In addition, Mr. Dealy has no family relationships with any director or executive officer of the Company, and there are no arrangements or understandings with any person pursuant to which he will be selected as an officer of the Company. The information relating to Mr. Dealy required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934 is disclosed in the Company's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on April 13, 2023, under the heading "Transactions With Related Persons" and is incorporated by reference herein.