Murphy Oil Corp. (MUR:US), the U.S. integrated oil company based in El Dorado, Arkansas, named Steve Cossé president and chief executive officer, succeeding David Wood, who is retiring.
The change takes effect immediately, Murphy said today in a statement on Business Wire. Wood, who became CEO on Dec. 31, 2008 and has worked for the company for 17 years, will also resign from his position on the company board.
Cossé joined Murphy in 1991 and retired from his position as executive vice president and general counsel last year, according to a company statement at the time. Cossé remains a member of Murphy’s board, which lost its chairman when William C. Nolan, Jr. died March 12. Nolan was succeeded by Claiborne Deming, Wood’s predecessor.
Murphy operates more than 1,100 fueling stations in the U.S., many of them located at Wal-Mart Stores Inc. (WMT:US) outlets, and has been trying to sell its refinery in Milford Haven, Wales, to focus on oil production.
The statement was made after markets closed and Murphy was unchanged at $45.60 at 5:06 p.m. in New York. The company’s shares have fallen 18 percent this year.
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