In a recent move to restructure its executive leadership, Devon Energy Corporation (NYSE:DVN) has announced the appointment of two new Senior Vice Presidents, as detailed in a filing with the Securities and Exchange Commission.
Effective February 8, 2025, John D. Raines will assume the role of Senior Vice President, E&P Asset Management, while Thomas J. Hellman will begin his tenure as Senior Vice President, E&P Operations on January 20, 2025.
Raines, who has been with Devon since 2005, previously managed the company's Delaware Basin Business Unit. In his new position, Raines will oversee business units, land, and regulatory teams. His compensation package includes a base salary of $475,000, a target annual performance cash bonus of 75% of his base salary, and annual long-term equity incentives valued at $1,500,000.
Hellman joins Devon following his tenure at Marathon Oil Corporation (NYSE:MRO), where he was responsible for Permian and Oklahoma operations until the company's acquisition by ConocoPhillips (NYSE:COP). He brings extensive industry experience to his new role at Devon, which will include overseeing drilling, completions, supply chain, and environmental, health, safety, and measurement teams. Hellman's compensation will mirror that of Raines, with the same base salary, bonus target, and equity incentives.
Both executives will serve on Devon’s Management Executive Committee and are set to divide the principal operating officer functions between them. The appointments follow Devon's decision to eliminate the position of Executive Vice President and Chief Corporate Development Officer, leading to David G. Harris's departure from the company on February 10, 2025. Harris will receive a severance package, including a lump-sum cash payment and the acceleration or continued vesting of long-term incentive awards.
The information in this article is based on a press release statement.
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