– USA, TX – ConocoPhillips (NYSE:COP) today announced that Mr. John Faraci, former chairman and chief executive officer of International Paper Company, and Mr. Arjun Murti, former partner at Goldman Sachs, have been elected to its board of directors.
“We are pleased to add two new directors who bring exceptional experience and expertise to our board,” said Ryan Lance, chairman and chief executive officer of ConocoPhillips. “They bring unique backgrounds in leading multinational organizations and understanding energy markets. This will add valuable perspectives to our board and management team as we continue to deliver on our commitments to our shareholders.”
Mr. Faraci, 64, held several leadership positions during his tenure with International Paper. Most recently, he served as chairman and chief executive officer from 2003 to 2014. Prior to this role, Mr. Faraci was chief financial officer from 1999 to 2003, and served in various other financial, planning and management positions at the company between 1974 and 1999.
Mr. Faraci has served as a non-executive director of PPG Industries since 2012 and United Technologies since 2005. Additionally, he sits on the board of the Moscow School of Management and is a trustee of the American Enterprise Institute, Denison University and the National Fish and Wildlife Foundation. Mr. Faraci holds a bachelor’s degree in history and economics from Denison University, and an MBA from the University of Michigan.
Mr. Murti, 45, served as a partner at Goldman Sachs from 2006 until his retirement in 2014. Prior to becoming partner, he served as managing director from 2003 to 2006, and vice president from 1999 to 2003. During his time at Goldman Sachs, Mr. Murti worked as a sell-side equity research analyst covering the energy sector. He was also co-director of research for America’s equity research from 2011 to 2014.
Prior to joining Goldman Sachs, Mr. Murti held equity analyst positions at JP Morgan Investment Management from 1995 to 1999 and at Petrie Parkman from 1992 to 1995. He holds a bachelor’s degree in finance from the University of Denver.
The election of Messrs. Faraci and Murti increases the total number of ConocoPhillips directors to 12, 11 of which are outside directors. Messrs. Faraci and Murti will serve on the Audit and Finance Committee of the ConocoPhillips board.
ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 27 countries, $55 billion in annualized revenue, $119 billion of total assets, and approximately 19,000 employees as of Sept. 30, 2014. Production from continuing operations, excluding Libya, averaged 1,520 MBOED for the nine months ended Sept. 30, 2014, and proved reserves were 8.9 billion BOE as of Dec. 31, 2013.
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