Updated Sept. 12 9:36 CST with analyst commentary from Wunderlich Securities.
W.F. “Rick” Bott, president and COO of Continental Resources Inc. (NYSE: CLR) announced today that he has resigned to pursue other opportunities. Oklahoma City-based Continental said in a statement that Bott’s duties will be absorbed by senior management.
Bott joined Continental in June 2012, taking over the president and COO role from Jeff Hume, who then assumed the role of vice chairman of strategic growth initiatives. Before joining Continental, Bott was executive director and COO of Cairn India Ltd.
In a statement, Continental chairman and CEO Harold G. Hamm said, "We are grateful for his professional contributions and wish Rick the very best."
In a note following the news, analysts at Wunderlich Securities said Bott's departure should not be an issue. "While a member of senior management leaving abruptly always raises concern Continental has built a deep bench of operational and management expertise and with founder and CEO Harold Hamm still in place we feel the company remains in good hands."
Continental Resources is the the largest acreage holder in the Bakken shale play with 1,200,000 net acres.