Ovintiv Inc. (NYSE:OVV) announced on Monday that Lee A. McIntire has decided to retire from his position on the company's Board of Directors at the conclusion of his current term. McIntire, who has served as a director, will not be seeking re-election at Ovintiv's 2024 Annual Meeting of Stockholders.
McIntire's departure from the board is not due to any disagreements with the company regarding its operations, policies, or practices, as confirmed by the corporation. His decision to retire is a personal one, marking the end of his tenure with the energy producer.
In response to McIntire's upcoming retirement, the Board has expressed its intention to adjust the number of directors from twelve to eleven. This change is set to take effect at the end of McIntire's term, aligning with the company's governance structure and ongoing board management.
Ovintiv has expressed gratitude towards McIntire for his contributions during his time on the board. The company's announcement, based on a press release statement, did not elaborate on the reasons for McIntire's retirement beyond his personal choice, nor did it indicate any potential candidates to fill the impending vacancy on the board.
Investors and stakeholders of Ovintiv Inc. are assured that the company's leadership and strategic direction remain steadfast as it prepares for the transition in its board composition. The exact date of the Annual Meeting of Stockholders, where the board adjustment will be formalized, has not been specified in the announcement.
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