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Posted 30 May, 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 30 May, 2023.


  As part of this planning process, the Company issued a press release on April 26, 2023 to announce that Richard P. Dealy would be appointed to the role of Chief Executive Officer ("CEO") effective January 1, 2024, following the retirement of the current CEO, Scott D. Sheffield.  

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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

Pioneer Natural Resources Company (the "Company") actively engages in management succession planning. As part of this planning process, the Company issued a press release on April 26, 2023 to announce that Richard P. Dealy would be appointed to the role of Chief Executive Officer ("CEO") effective January 1, 2024, following the retirement of the current CEO, Scott D. Sheffield. Mr. Dealy presently holds the position of the Company's President and Chief Operating Officer, and was appointed to the Company's Board of Directors (the "Board") at the Company's annual meeting of stockholders that was held on May 25, 2023 (the "Annual Meeting"). In connection with the transition from his current role to the CEO role, Mr. Dealy will increasingly take on expanded roles and obligations during the remainder of the 2023 transition period. Therefore on May 24, 2023, as recognition for his increased efforts on behalf of the Company, the Compensation and Leadership Development Committee of the Board granted an award of 2,170 restricted stock units ("RSUs") to Mr. Dealy pursuant to the Company's Amended and Restated 2006 Long-Term Incentive Plan (the "LTIP") and the Company's form RSU award agreement. This RSU grant to Mr. Dealy, along with the LTIP award he received in February 2023, results in the target value of his total 2023 LTIP awards being allocated as approximately 54 percent performance awards and 46 percent time-based awards. 

The RSUs will vest ratably on February 21st of each of the 2024-2026 calendar years, provided he remains employed with the Company through each vesting date. Mr. Dealy's RSU award agreement provides for a double trigger acceleration of vesting; that is, the awards will not automatically accelerate upon a change in control and will only vest prior to the scheduled vesting date if both a change in control and a qualifying termination event occur. In addition, Mr. Dealy's RSU award agreement provides for certain favorable vesting terms upon a qualifying termination event occurring without a change in control.