Pioneer Natural Resources (PXD) Stock Slides in After-Hours Trading, CEO to Retire

Pioneer Natural Resources (PXD) stock is slumping in after-hours trading after announcing CEO Scott Sheffield will depart.

Author:: Rachel Graf
Publish date:: May 19, 2016 4:27 PM EDT

NEW YORK (TheStreet) -- Pioneer Natural Resources (PXD) - Get Report stock is down 0.06% to $162.76 in after-hours trading on Thursday after announcing CEO Scott Sheffield will resign, effective December 31.

The company's president and COO Timothy Dove will succeed Sheffield as CEO after he retires.

Sheffield will remain chairman of the board through Dec. 31, 2017, at which point he will retire as an executive and employee but stay on the board.

"For more than 30 years, [Sheffield] guided Pioneer and its predecessor companies to build one of the premier oil shale resource companies in the United States. Despite the challenges facing the energy industry today, Pioneer is in excellent financial shape with great assets and a strong, experienced leadership team in place," Lead Director Ken Thompson said in a statement.

Pioneer natural Resources is an oil and gas exploration and production based in Irving, TX.