Occidental Petroleum Names Richard Jackson as CEO as Vicki Hollub Retires

Occidental Petroleum announced on Friday that Richard Jackson, its current chief operating officer, will become chief executive officer effective June 1, succeeding Vicki Hollub upon her retirement. The Houston-based oil and gas producer stated that Hollub's departure concludes more than four decades with the company, where she rose to become the first woman to lead a major U.S. oil company in 2016.

Jackson joined Occidental in 2003 and has served in his current role as chief operating officer. Prior to her CEO role, Hollub led the company's operations in the Permian Basin, contributing to its position as a major operator in the largest U.S. oil region. Occidental confirmed that Hollub will continue to serve on its board of directors after retiring.

Reuters reported in March that Hollub was preparing to retire as CEO. The announcement marks a significant executive change at the shale producer, with Jackson stepping into the top position amid ongoing operations in key U.S. oil areas. No further details on strategic shifts or reasons beyond retirement were provided in the announcements.