Diamondback Energy Announces Major Leadership Transition

Diamondback Energy, Inc. (NASDAQ: FANG) has announced a leadership transition plan that will go into effect at the company’s Annual Meeting of Stockholders in 2025.

Travis D. Stice, current Chief Executive Officer (CEO), plans to step down from his role after the 2025 Stockholders’ Meeting. However, he won’t be departing the company entirely – he will transition to the position of Executive Chairman of the Board of Directors.

Stice’s successor as CEO will be Kaes Van’t Hof, who currently holds the position of President and Chief Financial Officer at Diamondback Energy. Alongside Van’t Hof taking the helm, Jere W. Thompson III, currently Executive Vice President of Strategy and Corporate Development, will take on the role of Executive Vice President and Chief Financial Officer effective as of February 20, 2025.

The leadership shakeup extends further, with board member David L. Houston set to retire after the 2025 Annual Meeting of Stockholders. Houston has been with Diamondback since the company’s initial public offering and served on the Audit Committee and Safety, Sustainability, and Corporate Responsibility Committee.

As part of the organizational reshuffle, Diamondback Energy, Inc has outlined the new compensation terms for Van’t Hof and Thompson in their new roles. Van’t Hof, as CEO, will have an annual base salary of $1.3 million plus a target annual bonus opportunity of 150% of his annual base salary. Thompson, as CFO, will have an annual base salary of $550,000 and a target annual bonus opportunity of 90% of his annual base salary.

This announcement comes as Diamondback Energy’s finalizes a comprehensive succession planning to ensure a seamless transition and preserve the company’s potential for long-term outperformance.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Diamondback Energy’s 8K filing here.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.