Devon Energy makes board chair succession plan

Devon Energy Corp. expects to appoint Barbara Baumann as chair of the board, succeeding Dave Hager, who has notified the board of his plans to retire from the board in January 2023.

Baumann has served as a member of the Devon board since 2014 and currently chairs the board’s governance, environmental, and public policy committee while also serving on the board’s audit committee. With over 40 years of business experience, she has served in a range of roles, including in finance and operations during an 18-year career with Amoco. She currently serves as a director at National Fuel Gas Co. and as an independent trustee of the Putnam Mutual Funds. She is also a senior advisor to First Reserve Corp. Baumann is president of Cross Creek Energy Corp., an energy advisory firm with investments in domestic oil and natural gas.

Hager joined Devon’s executive leadership team in 2009 when he was named the company’s executive vice-president of exploration and production. Hager was Devon’s president and chief executive officer from 2015 until 2021. He first served on Devon’s board from 2007-2009 then re-joined Devon’s board in 2016. He was appointed executive chairman of the board in January 2021 following the company’s merger with WPX Energy.

Following his retirement from the board, Hager will serve as a special advisor to the company until his retirement as an employee later in first-quarter 2023.