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Newfield Exploration names new CFO

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October 14, 2013 04:36 PM EST | AP

THE WOODLANDS, Texas — THE WOODLANDS, Texas (AP) — Newfield Exploration Co. said Monday that Terry Rathert, its chief financial officer and one of its founders, will retire next year after more than 25 years with the energy company.

The company said that Lawrence Massaro will succeed him as CFO in early November. Rathert will serve as a special adviser through August.

Massaro has worked as the company's vice president of corporate development since 2011. Prior to joining Newfield, he worked for JP Morgan in its oil and gas investment banking group.

Newfield, based in The Woodlands, Texas, is an oil and gas exploration company. Its shares increased 23 cents to close at $29.40. The stock has gained 9.8 percent this year.