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Resolute Energy Corporation has announced that Nicholas J. Sutton will retire as the Company's Chief Executive Officer effective December 31, 2016.
The Company's Chief Operating Officer, Richard F. Betz, will succeed Mr. Sutton as the Company's Chief Executive Officer upon Mr. Sutton's retirement from the CEO position.
Mr. Sutton will continue his service to Resolute indefinitely in the capacity of Executive Chairman of the Company's Board of Directors, remaining involved with material business and strategic matters of the Company, and will continue to maintain an office in Denver. The rest of the Company's executive team will remain in their existing positions.
Lead Independent Director James Duffy said: "In his position as COO, Rick has overseen the development of the Company's Permian Basin business unit into the primary growth engine for the Company. Rick has also been deeply involved in the financial and strategic initiatives of the Company from the start. Rick is extremely well respected throughout the Company and beyond and the Board is confident that he will continue to guide Resolute on its current growth path."
Mr. Sutton said: "Rick's strategic leadership of the Permian Basin business unit was critical to the transformation of the Company into a successful Delaware Basin player."
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