- Push-out Score determined
- After around eight years in the position
- Praise for Thomas
- Ezra Yacob taking over
- Thomas will remain as Non-Executive Chairman at EOG
- Thomas made a lengthy statement and said 209 words
(exechange) — Houston, Texas, June 7, 2021 — Bill Thomas, chief executive of EOG, leaves his position. As announced by EOG Resources Inc. in a news release and in a regulatory filing published on Monday, June 7, 2021, William R. (Bill) Thomas leaves his post as chief executive officer at the crude oil and natural gas exploration and production company after around eight years in the role, effective September 30, 2021.
Bill Thomas’s duties as CEO will be taken over by Ezra Y. Yacob, currently President at EOG Resources Inc.
It is a generational change as well. Ezra Yacob is about 23 years younger than Bill Thomas.
“Talent and experience”
EOG did not give an explicit reason for Bill Thomas’s departure from the CEO post. Thomas said: “We are excited to have someone of Ezra’s talent and experience lead EOG forward.”
Thomas will remain as Non-Executive Chairman at EOG
“After 42 years with the company and serving as CEO since 2013, William R. “Bill” Thomas will retire and assume the role of Non-Executive Chairman of the Board as part of the succession plan,” EOG said.
EOG said: “William R. Thomas, who has served as the Chief Executive Officer of EOG since July 2013 and as EOG’s Chairman of the Board since January 2014, will retire as Chief Executive Officer and principal executive officer of EOG and as an employee of EOG, in each case effective September 30, 2021.”
Share price increase since June 2016
The announcement follows an increase in EOG Resources Inc.’s share price of 8% since June 2016.
In the position of CEO since 2013
Bill Thomas became CEO of the Company in 2013.
Thomas was named Chairman of the Board and Chief Executive Officer, effective January 2014.
Prior to that, he served as President and Chief Executive Officer from July 2013 through December 2013 and as President from September 2011 to July 2013.
Thomas previously held other leadership positions at EOG, including Senior Executive Vice President, Exploitation and Senior Executive Vice President, Exploration.
Thomas has been with EOG and its predecessor companies for over 42 years.
Thomas has also previously served as the General Manager of EOG’s Fort Worth, Texas, Midland, Texas and Corpus Christi, Texas offices, where he was instrumental in EOG’s successful exploration, development and exploitation of various key resource plays.
Thomas joined HNG Oil Company, a predecessor of EOG, in January 1979.
In addition, Thomas is a director of National Oilwell Varco, Inc. (since 2015), a provider of oilfield services and equipment to the upstream oil and gas industry worldwide, where he serves on the Audit Committee and Compensation Committee.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bill Thomas’s move on a scale of 0 to 10.
exechange reached out to EOG and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 24.2021 ($).