- Signs for push-out forces
- After eight years on the job
- Laud, praise and thanks for Rykhoek
- Chris Kendall taking over
- Rykhoek made a lengthy statement and said 74 words
(exechange) — Plano, Texas, March 21, 2017 — Phil Rykhoek, chief executive of Denbury, leaves. As announced by Denbury Resources Inc. in a news release on Tuesday, March 21, 2017, Phil Rykhoek leaves the post as Chief Executive Officer at the oil and natural gas company after eight years on the job, effective June 30, 2017.
Rykhoek’s duties are taken over by Chris Kendall, currently Chief Operating Officer and President at Denbury Resources Inc.
“Leadership succession plan”
The management change is explained as follows. Denbury announced that Phil Rykhoek, the Company’s Chief Executive Officer for the past eight years, “will retire from that role on June 30, 2017, and, as part of the Company’s leadership succession plan, the Company’s Board of Directors intends to elect Christian S. Kendall as Chief Executive Officer as of that date”.
Precise information about the future plans of Rykhoek was not immediately available.
Share price decline
The change follows a sharp decline in the share price of Denbury Resources Inc. since August 2014.
Chaired by John P. Dielwart
Denbury Resources Inc. is chaired by John P. Dielwart.
Dielwart has been a director of Denbury since November 2013 and was selected to serve as the Chairman of the Board in March 2016, succeeding Weiland F. Wettstein.
On the job as CEO since 2009
Phil Rykhoek has been a director of Denbury since December 2010 and Chief Executive Officer since June 2009.
Rykhoek joined the company in 1995 and served as Chief Financial Officer, Senior Vice President, Secretary and Treasurer from June 1995 until June 2009.
In October 2011, Rykhoek became President of Denbury, a role he held through September 2016.
Rykhoek led the effort to take Denbury public in the United States in 1995 and has been an integral part of senior management for the last 19 years.
Before joining Denbury in June 1995, Rykhoek was co-founder and an executive officer of Petroleum Financial, Inc. (“PFI”), a private company formed in May 1991 to provide accounting, financial and management services on a contract basis to other entities.
While at PFI, Rykhoek was also an officer of Amerac Energy Corporation, where he had been employed in various positions for eight years, last as Vice President and Chief Accounting Officer.
Rykhoek also served as a director of the general partner of Encore Energy Partners L.P. between August 2010 and December 2010 and of the general partner of Genesis Energy, L.P. between May 2002 and February 2010.
Rykhoek will leave his board position when he retires from his CEO role, and the Board currently intends for Kendall to replace Rykhoek as a director of the Company.
Rykhoek will continue in a part-time advisory role until January 2018 as part of the leadership transition.
Signs for push-out forces
It is not completely certain what forces eventually triggered Phil Rykhoek’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 13.2017 ($).