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Devon Energy’s Hackett takes reins from Anadarko’s Allison
Petroleum News
James Hackett has left Devon Energy to become the new president and chief executive officer at big rival independent Anadarko Petroleum, replacing stalwart Robert Allison and perhaps ending industry speculation that Anadarko may still be for sale.
“I have made it clear to Bob Allison and the board that I expect to be here for the long haul,” Hackett said when his appointment was announced Dec. 3.
Hackett, 49, stepped down as Devon’s president and chief operating officer to take the top position at Anadarko, which has been batted around since last spring when John Seitz suddenly resigned under pressure from the board of directors because of Anadarko’s lackluster stock performance. Allison took over Seitz’ responsibilities, but made it known he wanted to retire.
However, the long-arm of Allison will still be present. At 61, he will remain as executive chairman until year-end and then serve as non-executive chairman, meaning he no longer will be on the company payroll, Anadarko said. Hackett formerly with Ocean Energy Hackett joined Devon in April as a result of Devon’s merger with independent Ocean Energy. He had been Ocean’s chairman and chief executive officer. “I respect his abilities, and I firmly believe that he is the right person to lead the company,” Allison said.
Anadarko also announced the retirement of Michael Rose, the company’s chief financial officer, and Charles Manley, vice president of administration.
Rose joined the company as an accountant in 1978 and was named CFO in 1986.
Manley began his career with Anadarko in 1974. No replacements were named for either position.
Larry Nichols, Devon’s chairman and chief executive officer, will assume Hackett’s president position, but the company said no one had yet been named to take the position of chief operating officer. Hackett supported Ocean merger with Devon “His (Hackett’s) perspective and support leading up to the merger and his enthusiastic efforts during integration were invaluable,” Nichols said.
A spokesman for Devon said despite Hackett’s departure, the company still has a “deep bench,” explaining that Devon’s entire management before the merger remains with the company.
Anadarko never admitted that the company was for sale, but analysts were widely quoted saying the company had opened a data room to prospective buyers. It also appeared that Anadarko was dressing up the company for a possible sale when, in an effort to save $100 million a year, it laid off about 10 percent of its workforce and closed two offices in Texas.
Prudential analyst Jason Gammel said in a report to investors that Hackett was the most likely candidate to replace Allison.
“We believe Mr. Hackett is highly regarded for his success at building Ocean Energy over the last several years,” he said. “He offers the highest credibility outside leadership over the shorter term for Anadarko.”
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