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Southwestern Energy Company said Wednesday that it has appointed Bill Way as its new president and chief executive officer.

Way, who has served as the company’s president and chief operating officer, will succeed current president and CEO Steve Mueller.

Way has also been elected to the company’s board of directors.

“The entire Board is excited to have Bill take the reins as CEO, and we are confident his extensive industry experience and development as an executive at Southwestern Energy have prepared him well,” presiding director Cathy Kehr said.

Mueller will continue to serve as a director and as non-executive chairman of the board until he retires at the company’s May 2016 annual meeting of stockholders.

Way joined Houston-based Southwestern Energy in October 2011 as executive vice president and chief operating officer.

Prior to joining Southwestern Energy, Way served as senior vice president of the Americas at BG Group and held various senior leadership and technical positions at ConocoPhillips. 

“I recognize these are difficult times for our industry and for SWN. We are committed to investing within our cash flow, stabilizing our debt, reducing our cost structure, and addressing our balance sheet as we move forward,” Way said.

Southwestern Energy Company is an independent energy company whose wholly owned subsidiaries are engaged in natural gas and oil exploration, development and production, natural gas gathering and marketing.