Nicholas J. Sutton has announced plans to retire as CEO of Resolute Energy Corp. (NYSE:REN), effective December 31, 2016. Under an approved transition plan, the Denver, CO-based company’s COO, Richard F. Betz, will succeed Sutton as CEO, effective January 1, 2017. Sutton will continue his service to Resolute indefinitely in the capacity of executive chairman of the company’s board of directors.
Sutton has been chairman of the board and CEO of Resolute Energy and its predecessor and affiliated entities since the company’s formation in 2004. Sutton was a co-founder, chairman and CEO of HS Resources, from 1987 until the company’s acquisition by Kerr-McGee Corp. in late 2001. From 2002 until the formation of Resolute Holdings in 2004, Sutton was a director of Kerr-McGee. From 2006 until 2014, Sutton served as a director of Tidewater Inc. Sutton has degrees in engineering and law, and he graduated from the Owner/President Management program at the Harvard University Graduate Business School.
Betz has been executive vice president and COO 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, Betz was involved in various financial consulting activities related to the energy industry. He previously spent 17 years with Chase Securities Inc. Betz received a bachelor’s degree from Villanova University and an MBA from the Wharton School at the University of Pennsylvania.