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SM Energy Announces Leadership Transition

Stocks in this article: SM

SM Energy Company (NYSE: SM) today announces that Anthony J. Best will retire from his role as the Company’s Chief Executive Officer within the next twelve months. The Board of Directors intends to appoint Javan D. Ottoson, currently President and Chief Operating Officer, as the Company’s Chief Executive Officer upon Mr. Best’s retirement.

Mr. Best has served as the Company's Chief Executive Officer since December 2006 and a member of its Board of Directors since February 2007. He joined the Company in June 2006 as its President and Chief Operating Officer.

Mr. Best remarked, “Our executive team and board have focused on management succession and development using a multi-year phased approach to ensure SM Energy has the leadership to pursue its long-term growth initiatives. It has been an honor and a privilege to lead SM Energy over the past several years as CEO. However, I will turn 65 later this year and the time has come for me to shift my focus from full-time professional duties to personal priorities and retirement adventures. Jay and I have worked together four different times in our careers, and it has been a pleasure to watch him develop into a strong and decisive leader. I have tremendous respect for his leadership qualities and character, along with the utmost confidence in his ability to lead the Company to continued success. The highlight of my personal career has been working with Jay, our leadership team, and our employees over the last several years, as the Company has transformed into a leading resource play-focused company. I am looking forward to helping with Jay’s transition during my remaining time at the Company.”

Bill Sullivan, Chairman of SM Energy’s Board of Directors, commented, “On behalf of SM Energy’s Board of Directors, I would like to recognize Tony's pivotal role in the transformation of the Company over the last several years. He has been a visible leader among his peers in the industry for many years and the Company’s reputation, as well as operating performance, have benefited from his leadership and guidance. The Board is pleased that the Company has an executive of Jay’s caliber ready to succeed Tony when he retires. Jay’s skills, experience, and leadership abilities have prepared him well for his future role, and we are confident that he will build upon the strong foundation that Tony has built.”

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