Good morning. Finance chiefs are increasingly landing the top job across the Fortune 500, with the latest example at ConocoPhillips.
Houston-based ConocoPhillips, the nation’s leading independent oil and gas producer, announced Thursday that Andy O’Brien, CFO and EVP of strategy and commercial, will succeed Ryan Lance as president and chief executive, effective Sept. 1. Lance is retiring from the top role and will become executive chair of the board of directors.
Fortune’s Jordan Blum reports that the succession announcement comes as ConocoPhillips (No. 75 on the Fortune 500) reported a second-quarter profit of $3.9 billion, up from $2 billion a year earlier. The company has a market cap of about $140 billion, down only slightly from the all-time high it hit in late March. Profits were boosted by high oil prices triggered by the Iran war.
ConocoPhillips and Phillips 66 spun off from each other in 2012, when Lance became CEO. He has spent more than four decades at the company.
O’Brien has built his career at ConocoPhillips as well. He joined the company in 1997 as a financial analyst in England. According to his LinkedIn page, he has held more than a dozen roles in finance, strategy and planning over the years—from controller in Alaska to senior vice president of global operations. In a statement, O’Brien said he plans to build on the momentum Lance established and continue raising the bar for the company.
