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Jim Hackett, the Houston company’s CEO since 2003, said Tuesday he would resign. Chief Operating Officer Al Walker, who joined the company in 2005, will replace him effective May 15.
Hackett, 58, will continue to serve the company in the newly created position of executive chairman but will retire from Anadarko in June 2013.
Walker has participated in “major strategic and tactical decisions” as a member of Anadarko’s executive management team, Hackett said in a statement issued by the company.
Walker “is a talented and ethical leader with proven abilities to identify and capture opportunities to build shareholder value, as well as to attract, retain and develop intellectual capital,” Hackett said.
Walker, 55, has more than three decades of energy industry experience. He has served as senior vice president of finance and chief financial officer during his more than six years with Anadarko.
“Under Jim’s direction we achieved many record successes, and building upon that momentum will continue to be a primary focus,” Walker said.
Anadarko Lead Director John Gordon said Tuesday’s announcement marked the “culmination of a multi-year phased process” of succession planning.
“The board believes that Al has demonstrated the leadership skills and intellectual depth to ensure the long-term growth and stability of the company,” Gordon said.
In November, Anadarko said the Wattenberg field in the Niobrara formation contained 500 million to 1.5 billion barrels of oil equivalent with additional potential outside the field’s boundaries. Five horizontal Anadarko rigs are operating in the field, the company said earlier this month.