Concho Resources Inc. (NYSE: CXO) announced that Steven H. Pruett is joining the company as senior vice president of Corporate Development. In this role, Pruett will be responsible for the company’s business development, capital markets and investor relations functions. Pruett has more than 20 years of oil and gas experience in the Permian Basin, most recently serving as president and chief financial officer of Legacy Reserves since its founding in 2005.
In addition, he has previously served as president and chief executive officer of First Permian from 2001 until its sale in 2002, and as president and chief executive officer of First Reserve Oil & Gas Co. from 1995 until 2000. Pruett has a Bachelor of Science in Petroleum Engineering from the University of Texas and a Masters of Business Administration from Harvard Business School.
Jack F. Harper, Concho’s senior vice president and chief of staff, has informed the board of directors that he intends to retire effective Dec. 31, 2012.
Tim Leach, Concho’s chairman, chief executive officer and president, commented, “I am very pleased to have a recognized leader in the oil and gas community like Steve join our team. His petroleum engineering background coupled with his extensive experience in leading Permian Basin-focused companies will be a tremendous asset. With Steve’s presence added to our existing management team and employees, I am confident that Concho is well positioned for continued success.”
Jack Harper, the company’s senior vice president and chief of staff, commented, “It is not an easy decision to retire, but I am grateful that Concho’s success has made this possible. While I will miss the daily interactions with my friends and colleagues at Concho and the investment community, I am looking forward to this new chapter in my life, including spending more time with my family and giving back to the community. I am extremely proud of the work we have done at Concho over the last four years as a public company and remain enthusiastic about the Company’s prospects for the future.”
Leach continued, “Jack was a key member of the team that took Concho public in 2007 and has played a significant role in the Company’s growth since then. While I am sorry to see Jack leave us, I am happy that he will be able to spend more time with his family in the coming years. For the rest of 2012, he will continue to serve as an officer of the Company and work closely with Steve to ensure his smooth transition onto the Concho team.”
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