Anadarko Petroleum Corp. (NYSE: APC) has promoted Al Walker, the company's president and COO, to the position of president and CEO. Jim Hackett, who was named Anadarko's CEO in December of 2003, will continue serving the company in the newly created position of executive chairman. The changes will be effective May 15, 2012. Walker will stand for election to the company's board of directors at that time.

"Throughout his time with the company, Al has demonstrated an exceptional ability to create value for Anadarko, resulting in some of the company's most noteworthy accomplishments," said Hackett. "Al has been a member of the company's executive management team since joining Anadarko in 2005, and has been integral to the company's major strategic and tactical decisions over that period. He is a talented and ethical leader with proven abilities to identify and capture opportunities to build shareholder value, as well as to attract, retain and develop intellectual capital -- a key competitive advantage for Anadarko. This is a good time for the transition to a long-planned succession, given the company's strong exploration and operational success, and robust portfolio for long-term growth. After 13 years as a public company CEO, it's time for me to consider other avenues for personal and professional growth. It's been my privilege to serve as CEO for over eight years, and I look forward to serving Anadarko as executive chairman."

As executive chairman, Hackett will continue to play an important role in the company's strategic direction, while being a spokesperson for the company and industry. Hackett will serve as executive chairman through the company's Annual Meeting of Stockholders in 2013, and will retire from Anadarko in June 2013.

Walker has more than 30 years of experience in the energy industry, with a focus on exploration and production. In more than six years with Anadarko, he has served in positions of increasing responsibility, including senior vice president, finance, CFO, COO and president. Walker currently is a director of Centerpoint Energy Inc. and Western Gas Holdings LLC, a subsidiary of Anadarko and general partner to Western Gas Partners LP.

"I am grateful to the Board and Jim for this opportunity to serve Anadarko's employees and stakeholders," said Walker. "Anadarko has built a strong organization that is committed to being an industry-leading, global exploration and production company. Under Jim's direction we achieved many record successes, and building upon that momentum will continue to be a primary focus. Our accomplishments have been a direct result of the commitment of our employees, the assets we developed and the strategic vision Jim had for Anadarko. I look forward to growing the worldwide achievements of our company with the strong leadership team and exceptional employees we have at Anadarko."