Janet Clark, chief financial officer of Houston oil and gas giant Marathon Oil Corp., is retiring Oct. 1 after a decade with the company, Marathon said Wednesday.
Clark was the fourth-highest paid female executive in Houston last year, earning $4.3 million in total compensation and $680,000 in base pay, according to regulatory filings. Prior to joining Marathon in 2004, Clark served as CFO at Nuevo Energy from 2001 to 2003.
Clark, who earned an economics degree at Harvard and an MBA at the University of Pennsylvania, started her career as an investment banker for a firm now owned by Credit Suisse.
Clark’s retirement announcement comes just two months after Clarence Cazalot Jr., Marathon’s chief executive, said he would retire by the end of the year.
Marathon said John Sult, 54, is set to take on the CFO role on Sept. 3, while Clark assists in the company’s transition. Sult was chief financial officer for Houston-based pipeline company El Paso Corp. from 2009 until it was acquired by pipeline giant Kinder Morgan Inc. last year for $21 billion.
Clark said that leaving the C-suite will give her more time to spend with the not-for-profits she’s involved in, such as Teach for America, as well as pursue new corporate board appointments, she said.
After spending 10 years at Marathon, “You end up with all this knowledge and experience, so I’d like to put it to use,” she said, adding that she would like to hop on the board of an oil and gas company and another “in a totally different industry.”
Clark added that spending more time with her family and getting back into sports and books is on her to-do list.
“My tennis game has really fallen apart here lately, and I’m going to get back after it,” she said.
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