Smaller oil and gas companies
This in-depth study of oil and gas leaders resulted in several noteworthy findings, including the following:
Oil and gas CEO turnover increased significantly in 2013, compared with the previous year.
The median tenure for oil and gas CEOs was 4.5 years, and only a small percentage of companies were led by CEOs who had served for longer than 15 years.
The median age of large-cap oil and gas CEOs was 58, while the median age of smaller-company CEOs was 54. The median starting age of an oil and gas CEO was 50 years.
A majority of CEOs from smaller oil and gas companies were recruited from other companies, while a majority of CEOs from larger companies were promoted from within.
In the continuing debate about split governance, several large US oil and gas companies separated the chairman and CEO roles in 2013. However, overall, the US lags behind many other countries where a majority of oil and gas companies favor split governance.
CEO leadership in the oil and gas sector remains virtually an all-male preserve. However, this gender gap appears to be narrowing, as more women study and work in engineering-one of the most common paths to the CEO role in oil & gas companies.
The increase in CEO turnover, combined with a relatively short median tenure, indicates the importance of succession planning for oil and gas companies, large and small. Identifying and engaging potential CEO candidates should be an ongoing priority in companies seeking the best possible leadership talent in a competitive marketplace.
