It’s official. Harold Hamm is stepping down from some leadership at Continental Resources Inc., the company he founded 54 years ago. But he’s not leaving the company.
The company filed a notice with the Securities Exchange Commission on Thursday that the board of directors approved Hamm moving from his role as Executive Chairman to Chairman of the Board effective May 19. The filing said that “As a result of this change, Mr. Hamm’s status will change from an employee to a non-employee director.”
But don’t expect the billionaire-Hamm to give up any of his day-to-day involvement in helping run the company, according to the filing.
“Additionally, it is not anticipated his level of involvement with the business will change in any substantial way as a result of this transition,” the company stated.
He will receive an annual retainer of $291,000 and an annual restricted stock award targeting a value of $637,500 and an initial grant of 20,618 shares. He’ll still have an office at the headquarters in downtown Oklahoma City and have access to personal automobile and the company’s aircraft.
“Don’t expect a lot of change. I will be here,” he said in addressing the board’s annual meeting late in the week.
He also spoke with The Oklahoman which reported the leadership move over the weekend..
“I’ve been chairman of the board for as long as we have had one, so I have been doing it for a long time,” the 75-year old Hamm said. “What this is really about is just me stepping more out of the role” of helping to make CEO types of decisions.
Hamm remains the company’s largest stockholder and joked about it in the interview with the paper.
“When you own 82% of the company, it is a little difficult to walk off.”
Source: SEC/The Oklahoman