Short and sweet. It’s the announcement by Devon Energy that it’s eliminated the position of Executive Vice President of Administration.
In Friday’s SEC filing, the company said the move was made July 16 and will be effective Aug. 1.
As a result, R. Alan Marcum will lose his job but will remain with the company until the elimination becomes effective. He will be eligible to get a severance package including a lump-sum cash payment equal to three times the sum of his annual base salary and bonus as well as the acceleration or continued vesting of outstanding long-term incentive awards.
Based on proxy statements from 2017, salary.com reported that Marcum received a total compensation of $3,037,779 for the year. His base salary was listed at $550,000 and he received bonuses totaling $506,000.