Occidental $OXY Petroleum announced Thursday that its board of directors has named COO Richard Jackson as president and CEO, succeeding Vicki Hollub, who will retire effective June 1.

Hollub, who has served as CEO since 2016 and as a board member since 2015, will remain on the board after stepping down. Jackson will also join the board on June 1.

Tesla revenue climbed 26% but profit fell short of Wall Street expectations

Hollub became the first woman to lead a major U.S. oil company when she was named CEO in 2016, according to Reuters. Under her leadership, Occidental $OXY grew into a dominant force in the Permian Basin before she ascended to the top role, according to CNBC.

According to Reuters, the most notable event during her time as CEO was the 2019 takeover of Anadarko Petroleum. The deal was controversial and led to investor concerns, followed by years of reducing debt, selling assets, and focusing the company's operations. Under her leadership, Occidental $OXY shifted more toward oil and gas, highlighted by the $12 billion CrownRock shale purchase in 2024 and the recent $9.7 billion sale of its chemicals business.

"Following the recently completed decade-long transformation of the company, we now have the best portfolio and the best technical expertise in Occidental's history," Hollub said in a statement. "With this strong foundation in place, a clear path forward and a leader like Richard, who has the experience and vision to elevate Occidental, now is the right time for this transition."

Global business news for a smarter world

Topics

Business News
Money & Markets
Tech & Innovation
Generation A.I.
Lifestyle
Leadership

Products

Daily Brief
Weekly Digest
Member Benefits
Quartz Pro

Legal

Sitemap
About
Accessibility
Privacy
Terms of Service
Advertising

Jackson joined Occidental in 2003 through its Middle East operations. During his time at the company, he has held a range of leadership positions, including president of U.S. Onshore Oil and Gas, president of Low Carbon Integrated Technologies, and general manager of the Permian Delaware Basin, the company said. He has served as COO with a focus on well performance, cost efficiency, and operational execution.

"I am committed to delivering value from our significant and high-quality resource base," Jackson said in a statement.

Board Chairman Jack Moore said Jackson is "the right leader to guide the company into its next phase of our strategy."

Occidental Petroleum is replacing its CEO with a company insider as she retires

Related Content

Related Content