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Posted 10 January, 2024

APA Corp appointed new CEO

CEO Change detected for ticker Nasdaq:APA in a 8-K filed on 10 January, 2024.


  On January 7, 2024, the Management Development and Compensation Committee (the "MD&C Committee") of the Board of Directors (the "Board") of APA Corporation (the "Company"), through authority delegated to the MD&C Committee by the full Board, appointed Stephen J. Riney, 63, to the role of president and chief financial officer of the Company, effective as of January 1, 2024. John J. Christmann IV, who held the role of president, continues to serve as the Company's chief executive officer and a member of the Board.  

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Overview of APA Corp
Companies on the Energy Service • Upstream Oil & Gas
APA Corp. explores for oil and natural gas through its subsidiaries. It produces oil and gas with operations in the United States, Egypt and the United Kingdom, and exploration activities offshore in Suriname. The company was founded in 1954 and is headquartered in Houston, TX.
Market Cap
$9.29B
View Company Details
APA Corp 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. 


On January 7, 2024, the Management Development and Compensation Committee (the "MD&C Committee") of the Board of Directors (the "Board") of APA Corporation (the "Company"), through authority delegated to the MD&C Committee by the full Board, appointed Stephen J. Riney, 63, to the role of president and chief financial officer of the Company, effective as of January 1, 2024. John J. Christmann IV, who held the role of president, continues to serve as the Company's chief executive officer and a member of the Board. On January 9, 2024, the Company issued a press release announcing this appointment, a copy of which is filed herewith as Exhibit 99.1. 

Mr. Riney was previously appointed executive vice president on February 18, 2015, and chief financial officer effective March 3, 2015. He served as chief financial officer for BP Exploration and Production from July 2012 to January 2015 and global head of mergers and acquisitions for BP p.l.c. from January 2007 to June 2012. 

In connection with Mr. Riney's appointment and commensurate with his position and responsibilities, the MD&C Committee approved for him (i) an annual base salary of $900,000, (ii) a target annual incentive compensation opportunity (expressed as a percentage of his annual base salary) of 120%, and (iii) a target long-term incentive compensation opportunity of 600%, each effective as of January 1, 2024. The long-term incentive compensation opportunity is comprised of performance shares (i.e., cash-based restricted stock units with performance-based conditions) and restricted stock units (both stock- and cash-settled), under the terms of the Company's 2016 Omnibus Compensation Plan, as amended. 

Mr. Riney (i) has no family relationship with any director or other executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer, (ii) is not a party to any related person transaction with the Company, and (iii) has no arrangements or understandings with any other person pursuant to which he was selected as an officer of the Company.