El Dorado-based Murphy Oil CEO David Wood stepped down today (June 20) and was replaced by board member Steve Cossé, a former EVP and general counsel to the company.
A press release said the abrupt transition was effective immediately.
Wood, a 17-year veteran of the firm, will also leave the board of directors.
“David has accomplished a great deal during his tenure with the company,” the Board of Directors said in a statement. “We are grateful for his contribution and thank him for his dedication to Murphy.” Wood will remain a consultant to Murphy for a period of one year.
Murphy Oil’s board of directors also named Roger Jenkins, the company’s EVP of Exploration & Production, to a newly-created position of chief operating officer.
During Cosse’s previous tenure at Murphy, he held positions as senior vice president, vice president and principal financial officer. Prior to joining Murphy in 1991, Cossé served as general counsel for New Orleans-based Ocean Drilling & Exploration Co.
Murphy Oil is the third largest publicly traded company in Arkansas, behind Wal-Mart and Tyson Foods in total annual revenues. Last year, Murphy Oil recorded total revenue of $28.41 billion and net profits of $792.56 million.
The company’s stock closed trading on Wednesday at $45.60 a share. It has traded between $40.41 and $70.27 during the past 52 weeks.