WPX Energy (NYSE: WPX ) is about to put a new man in its CEO's office. The company announced that Ralph Hill will vacate that position, as well as that of president and board member, effective Dec. 31. The board of directors has appointed James Bender as his replacement for all three posts, on an interim basis until a more permanent chief executive is found.
Hill will stay on at the firm through March 31, to help with the transition to new leadership. He has been with WPX since its spin-off from Williams in January 2012. Before that, he worked at Williams for more than 30 years.
Bender is also a WPX executive and Williams veteran. At the former, he has served as the firm's senior vice president and general counsel. He also filled those two roles at Williams before his employ at WPX.
As detailed in an SEC filing submitted by WPX, Hill will be paid $3.12 million in two installments, plus be eligible for payment under the company's current incentive plan, among other benefits. Starting in January, he will draw a salary of $35,000 per month during the transition period.