Resolute Energy CEO Nicholas J. Sutton to retire
Mr. Sutton will continue his service to Resolute indefinitely in the capacity of Executive Chairman of the Company's Board of Directors.
Mr. Sutton has been Chairman of the Board and Chief Executive Officer of the Company and its predecessor and affiliated entities since the Company's formation in 2004.
He was a co-founder, Chairman and Chief Executive Officer of HS Resources from 1987 until the company's acquisition by Kerr-McGee Corporation in late 2001.
From 2002 until the formation of Resolute Holdings in 2004, Mr. Sutton was a director of Kerr-McGee Corporation. From 2006 until 2014, he served as a director of Tidewater.
He also is a member of the Society of Petroleum Engineers and of the American Association of Petroleum Geologists and of the California Bar Association (inactive status).
In addition, Mr. Sutton has degrees in engineering and law, and he graduated from the Owner/President Management program at the Harvard University Graduate Business School.
COO Richard F. Betz will succeed Mr. Sutton as CEO.
Mr. Betz has been Executive Vice President and Chief Operating Officer since March 2012, was Senior Vice President, Strategy and Planning of the Company from September 2009 to March 2012, and was Vice President of the Company and its predecessor and affiliated entities since the Company's formation in 2004.
From September 2001 to January 2004, Mr. Betz was involved in various financial consulting activities related to the energy industry.
Prior to that, he spent 17 years with Chase Securities, an affiliate of the Chase Manhattan Bank, and its successor companies, where he was involved primarily in oil and gas corporate finance.
Mr. Betz was a Managing Director in the oil and gas investment banking coverage group with primary responsibility for mid-cap exploration and production companies as well as leveraged finance and private equity. In that capacity, he worked with the HS Resources management team for approximately twelve years.
Mr. Betz received a B.S. in Finance from Villanova University in 1984 and an MBA from the Wharton School at the University of Pennsylvania in 1991. He also serves on the Dean's Advisory Committee for the Villanova School of Business.