by Lance Turner
Posted 8/6/2008 04:25 pm
Updated 2 years ago
Murphy Oil president and CEO Claiborne P. Deming will retire from the company at the end of the year, the firm announced Wednesday.
Deming, 53, has been president and CEO since Oct. 1, 1994. Deming will remain on the board of directors and has been elected chairman of the board's executive committee effective Jan. 1, 2009. Deming succeeds William Nolan as chairman of the committee, and Nolan will remain chairman of the board of directors, according to a news release from the company.
Click here to see Deming's latest CEO Profile.
Wood has also been elected to the company's board of directors effective with the promotion. He begins as president and CEO on Jan. 1.
"David is an extremely talented and accomplished individual who has excelled in building an exploration and production program, recruiting exceptionally skilled professionals and executing world class projects," Deming said in a news release. "He has the leadership ability and skill to grow the company’s business well into the future and I wholeheartedly commend him to shareholders.
"As for me, I plan to continue following industry developments particularly at this pivotal time, and I will of course remain involved in the company but at the board and executive committee levels. I have no specific plans, however I certainly intend to stay actively engaged in business affairs. Simply put, after what will have been nearly 15 years as CEO of Murphy Oil Corporation, it is time to turn it over to someone of David’s capabilities."
A member of the founding Murphy family, Deming joined the company after graduating from law school in 1979, when his uncle, Charles Murphy, was chairman and CEO. Deming started out in Murphy's legal department.
After two years, he moved to the company's land department, the department responsible for acquiring concessions and leases. From there, Deming worked for Murphy's downstream units until he was appointed in 1989 to his first management position, running the company's oil and gas business, Murphy Oil USA Inc. He became chief operating officer of Murphy Oil Corp. in 1992 and CEO in October 1994.
In December 1996, Deming spun off the company's timber division into Deltic Timber Corp., also of El Dorado (NYSE: DEL). He established a joint venture with Wal-Mart Stores Inc. in 1998 that operates more than 1,100 retail gasoline stations at Wal-Mart properties in the United States and Canada.
Deming has pursued an ambitious program of global exploration, and close to home, he led Murphy Oil in establishing the $50 million "El Dorado Promise" scholarship program that pays college costs for all graduates of El Dorado High School.
Wood joined Murphy Oil in 1994 and has been responsible for its worldwide exploration and production operations since Jan. 1, 2007. Wood has also been president of Murphy Exploration & Production Company since Jan. 1, 2007.