Quick Takeaways:

  • CNX Resources, headquartered in Pittsburgh, Pennsylvania, announced in a press release on Monday that its President and Chief Financial Officer, Alan K. Shepard, will succeed current CEO Nick Deiuliis, who will retire at the end of the year, with the appointment effective January 1. The company has not yet announced a new CFO but said it expects to do so by the end of the year.
  • The natural gas driller's board acted quickly. According to a securities filing, Shepard (age 44) was appointed CEO on September 17, the same day Deiuliis informed the company of his retirement plans. Deiuliis, who has served the company for 35 years, will step down as CEO on December 31 and officially retire on February 2, but will remain on the board.
  • In a statement in the press release, Deiuliis said: "It has been an honor to work with such a talented team at CNX. Alan has earned the trust of the board, employees, and shareholders. I look forward to seeing him lead CNX to even greater achievements in the future, and I am grateful for the opportunity to continue contributing to the team as a director."

Deep Dive:

Shepard joins a small but growing group of former CFOs who have become CEOs. According to a recent report from executive search firm Crist Kolder Associates, the number of finance chiefs following the CFO-to-CEO career path increased in the first half of 2025.

The report shows that among Fortune 500 and S&P 500 companies, approximately 7.5% of current CEOs come directly from CFO positions, up from 7.1% in 2024 and 6.5% in 2015. In comparison, nearly half of current CEOs come directly from COO or president roles.

Shepard rejoined CNX in 2020 and has served as CFO since June 2022, according to the company's press release. According to his LinkedIn profile, he has over 20 years of experience in the energy industry, having held senior finance positions such as CFO, Controller, and Treasurer at EdgeMarc Energy Holdings. Earlier in his career, he worked at PricewaterhouseCoopers and holds a bachelor's degree in Accounting and Business Administration from Hill College, as well as an MBA from Carnegie Mellon University's Tepper School of Business.

Shepard will succeed a high-profile CEO. In reporting on Deiuliis's retirement, the Pittsburgh Post-Gazette called him an "agitator" and described him as "a staunch defender of fossil fuels and a critic of renewable energy." Deiuliis is an engineer and author who wrote the book "The Cliff: The Movement to Destroy America," and hosts the podcast "The Far Middle," according to his personal website.

Last year, CNX reached an agreement with the administration of Pennsylvania Governor Josh Shapiro to expand its air monitoring to nine sites in Western Pennsylvania, according to a press release from the governor's office. Meanwhile, when Shapiro was on the shortlist for the Democratic vice presidential nomination, his record in the fracking industry and his work with CNX came under scrutiny from environmentalists, as reported by Pittsburgh TV station WTAE-TV.

In the fiscal quarter ending June 30, the company reported net income of $432.5 million, compared to a loss of $18.26 million in the same period last year.