ConocoPhillips announced that CEO Ryan Lance will retire on September 1, with CFO Andy O’Brien set to succeed him as the lead role at the oil and gas producer.
Upon his retirement as president and CEO, Lance will become the executive chair of the board of directors.
Lance has been the company's only CEO since the oil giant separated from Phillips 66 in 2012, serving in the position for 14 years. This leadership transition comes after the company posted better-than-expected quarterly profit.