Free daily briefing on global business news.
CFO Andy O'Brien will take the top job on September 1 as the company pushes toward a $7 billion free cash flow target by 2029
ConocoPhillips $COP announced that Chief Executive Officer Ryan Lance is stepping down after 14 years at the helm, with Chief Financial Officer Andy O'Brien named as his replacement effective September 1. Lance will move into an executive chair role. The announcement came alongside the company's strongest quarterly profit since 2022.
O'Brien joined the company in 1997 and has held roles in finance, planning, and strategy across multiple global postings. He became a member of the executive leadership team in 2022 and has since overseen the company's Alaskan and international businesses, commercial operations, LNG, and mergers and acquisitions. Konnie Haynes-Welsh, who joined ConocoPhillips in 2012, will become chief financial officer.
"We've got to deliver our major projects and cost reduction program that underpin our $7 billion free cash flow inflection — that is on track," O'Brien said, according to Reuters. "That is going to be sort of hyper focus for the team and myself."
