Shares of Pioneer Natural Resources Co. PXD fell more than 2% in the extended session Wednesday after the exploration and production company said that its board has named Richard “Rich” P. Dealy as the company’s next chief executive officer, effective Jan. 1. CEO Scott D. Sheffield will retire at the end of the year, Pioneer said. Sheffield is expected to continue to serve on the board following his retirement, the company said. Dealy is currently Pioneer’s president and chief operating officer, and he brings “more than 30 years of industry experience in roles spanning nearly all operations and business functions at Pioneer and its predecessor company,” Pioneer said. “Rich is the right leader to build on the strong foundation that Scott has established. He embodies the Pioneer culture, and now is the right time to implement the robust succession plan we have put in place. Scott has been a trailblazer in this industry, and he has guided Pioneer through multiple commodities and market cycles,” Board Chairman Ken Thompson said in a statement.
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