Apache Corp. has announced the retirement of its Chairman, President and Chief Executive Officer (CEO), G. Steven Farris, effective immediately.
Mr Farris will continue as Non-Executive Chairman of the board until 1 May 2015, at which time he will retire from the board.
The company’s Executive Vice President and Chief Operating Officer - North America, John J. Christmann, IV, will succeed Mr Farris as President and CEO. Mr Christmann has also joined Apache's board. Director, John Lowe, has been elected to succeed Farris as Non-Executive Chairman.
On his retirement, Mr Farris said: "It has been a privilege to lead one of the top independent oil and gas producers and work alongside some of the best professionals in the business […] After more than 25 years with the company and 14 years as CEO, it is time to hand over the reins to a new generation of leaders. I look forward to working with John, the board and the management team over the next few months to ensure a smooth transition.”
LNG business exit
Mr Farris continued: "Over the last several years, we have significantly high-graded our portfolio through strategic acquisitions and divestments including the recently announced exit of our LNG businesses. We have a deeper inventory of North American opportunities than at any other time in our history, and I am confident the company is now well positioned to achieve its goal of becoming the premiere North American resource company. John is the ideal person to lead Apache going forward."
Apache Lead Director, Charles Pitman, said: "I want to thank Steve for his leadership, dedication and decades of service to Apache. The board has been focused on CEO succession planning for some time, and Steve has done an exceptional job grooming John Christmann and other future Apache leaders. The board looks forward to working with John and is delighted to welcome him into this new role."
Adapted from press release by Callum O'Reilly