Diamondback Energy said Thursday CEO Travis D. Stice intends to step down from his role as of the company's 2025 annual meeting of stockholders.

Kaes Van't Hof, current president of the company, will succeed Stice as the head of the company and will join the board of directors, Diamondback said.

Effective on Thursday, Jere Thompson, current executive vice president of strategy and corporate development, will assume the role of chief financial officer.