Murphy Oil CEO David Wood Retires, Resigns from Board

by Luke Jones and Lance Turner  on Wednesday, Jun. 20, 2012 3:20 pm  

David Wood

Murphy Oil Corp. of El Dorado said Wednesday that David Wood, president and CEO, is retiring and resigning from the board of directors.

"David Wood ... will retire after a 17-year career at the company and resign from his director position," the company said in a news release. It said the board of directors had appointed Steve Cossé, a board member who previously was executive vice president and general counsel, as president and CEO "effectively immediately."

Barry Jeffery, head of investor relations for Murphy Oil, told Arkansas Business that Wood's retirement didn't represent a change in direction for the company.

"David retired after 17 years at the company," Jeffery said. "We've got a personnel change here — the business moves forward, and who better than Steve, who knows it well and comes in with strong leadership to move it forward."

The board also named Roger Jenkins, the company's executive vice president of exploration and production, to the newly created position of chief operating officer.

"David has accomplished a great deal during his tenure with the company," the board of directors said in a news release. "We are grateful for his contribution and thank him for his dedication to Murphy."

The board said Wood will remain "a consultant" to the company for one year.

Murphy Oil is a publicly traded oil company (NYSE: MUR) that ranked No. 98 on the most recent Fortune 500 list. It reported $31.45 billion in revenue in 2011.

Changes

Wood's retirement and resignation comes about four months after Murphy Oil's board chairman, William C. Nolan Jr., died following a brief illness. Nolan was the nephew of Charles Murphy Jr., who founded the company as it is known today.

Former CEO Claiborne Deming quickly became the new board chairman. He had been elected to the post in December but wasn't due to begin serving until May.

Cossé, who has been a director on the board of Simmons First National Corp. of Pine Bluff since 2004, retired from Murphy Oil in March 2011 but remains on its board. He previously served as senior vice president and principal financial officer while maintaining his role as general counsel.

 

 

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