Raymond Plank, founder and chairman of Apache Corp., Houston, has retired after more than five decades spent building the company into one of the largest U.S. E&Ps.

G. Steven Farris, Apache’s president, chief executive and chief operating officer, succeeds Plank as chairman.

Farris says, “Raymond Plank is Apache. His commitment and drive are embedded in the fabric of Apache’s culture. He has been a mentor, a friend and a confidant over 20 years together. That won’t change as we maintain close contact and continue to build on what he has ...