Diamondback Energy CEO Travis Stice will step down as chief executive later this year. He will be succeeded by current company president Kaes Van’t Hof. (Source: Shutterstock.com, Diamondback Energy)
Diamondback Energy CEO Travis Stice will step down from his role as CEO later this year, the company announced Feb. 20.
Current Diamondback President Kaes Van’t Hof will succeed Stice as CEO of the Permian Basin E&P. He will also join the Diamondback board.
Stice has led Diamondback as CEO since January 2012. He later joined the board of directors in November 2012 following Diamondback’s initial public offering.
He will step down from the CEO role effective as of the company’s 2025 annual stockholder meeting. At that time, Stice will transition to executive chairman of the board.
“The past 14 years have been immensely rewarding, and it has been a true honor to represent the dedicated employees who have transformed Diamondback into the remarkable company it is today,” Stice said in a Feb. 20 statement. “Transitioning into my new role as executive chairman will allow me to remain actively engaged with the board of directors and contribute to the continued strategic development of our organization.”
Van’t Hof joined Diamondback in June 2016 after previously serving as CEO for Bison Drilling and Field Services since September 2012. He previously served as an analyst for Wexford Capital and worked for Citigroup’s investment banking and financial institutions group.
A native of Newport Beach, south of Los Angeles, Van’t Hof excelled at tennis for the University of Southern California and played professionally for two years around the world.
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“Over the last nine years, I have had a front row seat to watch and learn from one of the best to ever do it in our industry’s history,” Van’t Hof said. “What Diamondback has built in a short period of time is very special, and nearly impossible to replicate.”
“While we don’t spend a lot of time looking in the rear-view mirror, the playbook for the next decade of success at Diamondback will look a lot like the last decade - an acquire and exploit strategy based on best-in-class execution, low-cost operations and transparency,” he continued.
Effective Feb. 20, Jere Thompson—current executive vice president of strategy and corporate development—will assume the role of executive vice president and CFO.
Earlier this week, Diamondback announced a $4.1 cash and stock acquisition of private equity-backed Midland E&P Double Eagle IV.
Last year, Diamondback closed a transformational $26 billion acquisition of private producer Endeavor Energy Resources, cementing it as one of the largest producers in the Permian Basin.
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