Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnMarch 23, 2020 ,Mark G. Papa informed the Board of Directors (the "Board") ofCentennial Resource Development, Inc. (the "Company") of his decision to accelerate toMarch 31, 2020 his previously announced retirement from his positions as the Company's Chief Executive Officer and the Chairman of the Board, which he confirmed in a letter delivered to the Board onMarch 25, 2020 .Mr. Papa stated that his views on how the Company should respond to the recent weakness in the oil markets and changing macro conditions have differed from other members of the Board and that he believed accelerating the effective date of his retirement may better position the Board to reach a consensus on the appropriate direction of the Company. The Board has acceptedMr. Papa's accelerated retirement and thanksMr. Papa for his leadership and contributions to the Company during his tenure. A copy of the letterMr. Papa sent to the Board is filed as Exhibit 17 to this Current Report on Form 8-K. The Board has accelerated the previously announced leadership transition to be effectiveApril 1, 2020 , at which timeSteven J. Shapiro (a current member of the Board) will become non-executive Chairman of the Board,Sean R. Smith (currently serving as Vice President and Chief Operating Officer) will become the Chief Executive Officer and a member of the Board andMatthew R. Garrison (currently serving as Vice President of Geosciences) will become Vice President and Chief Operating Officer. Additional information relating to these leadership transitions, including certain biographical information, is set forth in the Current Report on Form 8-K filed by the Company onFebruary 24, 2020 , and such information is incorporated herein by reference. Item 7.01. Regulation FD Disclosure. OnMarch 27, 2020 , the Company issued a press release announcing the accelerated leadership transitions described above. A copy of the press release is included as Exhibit 99.1 hereto and incorporated herein by reference. The information furnished pursuant to this Item 7.01 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act, unless specifically identified therein as being incorporated therein by reference. Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description Letter fromMr. Papa to the Board of Directors, datedMarch 25, 17 2020 Press release datedMarch 27, 2020 of Centennial Resource 99.1Development, Inc. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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