Larry Nichols is nearing his last day as an employee of the company he co-founded with his father more than 40 years ago.
Nichols, 70, will retire as a Devon Energy Corp. employee, effective Dec. 31, according to a regulatory filing Tuesday. He will remain on the company's board as executive chairman.
“This is really the next step in the succession process that Larry Nichols laid out in 2010 when John Richels became CEO,” Devon spokesman Chip Minty said.
Nichols informed the company's board of his pending retirement Friday.
Minty said the change will not affect Nichols' role and responsibilities at Devon.
Nichols made way for Richels in June 2010 after serving as Devon's CEO since 1980.
Nichols retained his position on the company's board in the newly created position of executive chairman.
Nichols likely will face a pay cut as he leaves Devon's payroll.
He earned about $3.5 million in salary and bonuses in 2011, according to the company's proxy statement.
Board members earned about $340,000 last year, although Nichols probably will earn more as the company's executive chairman.