DALLAS--(BUSINESS WIRE)--Apr. 22, 2009--
Pioneer Natural Resources Company (NYSE:PXD) today announced
proposed changes to its Board of Directors in accordance with an
agreement with Southeastern Asset Management, Inc., Pioneer’s largest
shareholder.
Under the agreement, four of the Company’s present Board members are
retiring and three new directors recommended by Southeastern will be
nominated for election at the 2009 Annual Meeting. Effective with the
election of the three new directors, Dr. James R. Baroffio, Linda K.
Lawson, Mark S. Sexton and Robert A. Solberg will be retiring from
service on Pioneer’s Board.
Scott D. Sheffield, Pioneer’s Chairman and CEO, stated, “We appreciate
Jim, Linda, Mark and Bob for their dedicated Board service and
commitment to Pioneer’s success. On behalf of the entire Board, I thank
each of them for their valued contributions and extend our very best
wishes for the future.”
Thomas D. Arthur, Andrew F. Cates and Scott J. Reiman have been
nominated by Pioneer’s Board to stand for election at the 2009 Annual
Meeting and, if elected, will serve for a term of three years.
Mr. Arthur received his undergraduate degree from the University of
North Carolina at Chapel Hill in 1966, and a Master of Business
Administration from East Carolina University in 1971. From 1966 to 1969,
he served in the U.S. Army as an infantry lieutenant. From 1971 until
1974, Mr. Arthur was Vice President of a Florida based investment
banking firm. He joined Havatampa Corporation in Tampa, Florida in 1974
as Chief Financial Officer, and then later served as Chief Operating
Officer. In 1978, the cigar manufacturing business of Havatampa
Corporation was purchased by Havatampa Incorporated, of which Mr. Arthur
was President, Chief Executive Officer and majority shareholder until
its sale in 1997. Since 1998, he has been engaged in private
investments. He serves on the boards of numerous community organizations.
Mr. Cates earned a Bachelor of Business Administration in Finance at the
University of Texas at Austin. Mr. Cates founded RVC USA, LP, a
developer and operator of outdoor resorts, and he owns and operates its
corporate general partner. He is also the Managing Member of Value
Acquisition Fund, an acquisition, development, and asset management
company founded by him in 2004. Mr. Cates has acquired and asset managed
commercial real estate throughout the southeastern United States within
various entities. In 1993, Mr. Cates began his real estate career in
Dallas, Texas, where he worked as an Analyst at Trammell Crow Company
Capital Markets Group, and in 1995, he became an Associate for Crow
Family Holdings. Mr. Cates currently serves on numerous civic and
charitable boards.
Mr. Reiman graduated from the University of Denver in 1987 with a
Bachelor of Science in Business Administration in Finance. Mr. Reiman is
the founder of Hexagon Investments, a private investment company, and
has served as President since 1992. Mr. Reiman has been a member of the
Board of Trustees at the University of Denver since 1999 and chairs its
Investment Committee. Mr. Reiman also serves on many other civic boards
and is currently a member of the Mayor's Financial Management Task Force
for the City of Denver.
The Company has rescheduled its 2009 Annual Meeting of Stockholders for
June 17, 2009. Shareholders of record on April 22, 2009 will be entitled
to vote at the meeting.
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, with operations in the United States,
South Africa and Tunisia. For more information, visit Pioneer’s website
at www.pxd.com.
Source: Pioneer Natural Resources Company
Pioneer Natural Resources
Investors
Frank
Hopkins, 972-969-4065
or
Matt Gallagher, 972-969-4017
or
Nolan
Badders, 972-969-3955
or
Media and Public Affairs
Susan
Spratlen, 972-969-4018
