After more than 25 years, co-founder, Executive Vice President, and CFO of Newfield Exploration (NYSE:NFX) Terry Rathert has decided to retire, effective next August, Newfield announced today. Though Rathert will serve as a "special advisor" until August, he will be succeeded as CFO by Larry Massaro, current vice president of corporate development, this Nov. 11, the company said.

As one of Newfield's founding members, Rathert has served in several capacities during his long tenure, including stints as CFO and vice president of planning and administration, as well as overseeing Newfield's marketing and company planning, according to its statement.

Newfield Chairman, President, and CEO Lee Boothby commented on Rathert's service to the company, saying, "Throughout the years, Terry has worn a variety of hats within our organization and his passion for the business and love for the Company have made lasting and positive impacts."

Massaro joined Newfield's management team in 2011, after working in JPMorgan Chase's (NYSE: JPM) oil and gas investment banking group. Boothby said of Massaro's promotion to CFO, "His unique background and experience have prepared him to successfully guide Newfield's financial strategy."

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