Don Wallette, the CFO of ConocoPhillips, is retiring effective August 31, 2020. He will be replaced by Bill Bullock, currently the President, Asia Pacific and Middle East.
Mr Wallette retires after 39 years with the company. He joined Phillips Petroleum in 1981 as a staff drilling engineer in Houston. He was appointed to the CFO position in February 2016 after stints in Russia and as President, Asia Pacific.
The company has the second-largest market capitalization of a Houston-area company ($46 billion), behind only Crown Castle. And Mr Wallette is the only the CFO of a Houston-area public company with a base salary of over $1 million.
Mr Wallette has a defined benefits retirement plan worth $2.6 million. He also has a Key Employee Supplemental Retirement Plan that was worth $23.6 million at December 31, 2019. The Supplemental Plan will be paid out as a lump sum cash payment six months after Mr Wallette retires.
In his current role Mr Bullock has a base salary of $717,000. He joined ConocoPhillips in 1986 and has had spells in many different parts of the company. Like Mr Wallette, he has a bachelor’s degree in Chemical Engineering (from Texas A&M). Mr Bullock also has a Master’s degree in business administration with an emphasis in finance from Oklahoma City University.