Devon Energy Names Barbara Baumann Chairman as Dave Hagar Retires

Devon Energy Corp. is expected to appoint Barbara Baumann as chair of the board, succeeding Dave Hager, who plans to retire in January 2023.

Hager joined Devon’s executive leadership team in 2009 and was later named CEO in 2015. He went on to lead the company until its merger with WPX Energy in January 2021, at which time he was appointed executive chairman.

“Devon has been very fortunate to have Dave as part of our leadership,” Devon President and CEO Rick Muncrief said of Hagar in the company release. “We have all benefited from his track record of strategic thinking and tireless work through the years to help transform the company into the premier U.S. energy company we are today.”

“It has been a great joy and a privilege to spend the past 15 years with this great company and I am very proud of what our high-quality team has accomplished during this time to position Devon for the success it is having today,” Hager added in a statement. “I have high confidence in the strategic direction of Devon, and I know that the company is in good hands with Rick and Barbara’s leadership to continue to deliver strong results for all stakeholders.”

With the appointment of Baumann as board chairman, Muncrief said Devon is continuing its governance tradition of separating the chair and CEO roles.

“It has been a great joy and a privilege to spend the past 15 years with this great company and I am very proud of what our high-quality team has accomplished during this time to position Devon for the success it is having today.”—Dave Hager, Devon Energy Corp.

“I am confident Barbara is the ideal person to lead the board at this exciting time in the energy business,” he said. “She is an accomplished leader, with extensive experience in the energy business, a broad understanding of financial markets, and a keen interest in Devon’s ESG-related initiatives.”

Baumann is president of Cross Creek Energy Corp., an energy advisory firm with investments in domestic oil and natural gas. With more than 40 years of business experience, she has served in a range of critical roles, including in finance and operations during an 18-year career with Amoco (later BP Amoco).

She has served as a member of the Devon board since 2014 and currently chairs the board’s governance, environmental and public policy committee while also serving on the board’s audit committee.

“[Barbara Baumann] is an accomplished leader, with extensive experience in the energy business, a broad understanding of financial markets, and a keen interest in Devon’s ESG-related initiatives.”—Rick Muncrief, Devon Energy Corp.

In addition to Devon, Baumann currently serves as a director at National Fuel Gas Co., as an independent trustee of the Putnam Mutual Funds and is a senior adviser to First Reserve Corp. 

She has a master’s in business administration from the Wharton School of the University of Pennsylvania and earned a bachelor’s degree from Mount Holyoke College.