Occidental’s Hollub, a rare female chief in US oil, to step down
Vicki Hollub, chief executive officer of Occidental Petroleum Corp. speaks during the 2023 CERAWeek by S&P Global conference in Houston, Texas, on Monday, March 6, 2023.
F. Carter Smith | Bloomberg | Getty Images
Occidental Petroleum said on Friday CEO Vicki Hollub, one of the most prominent women in the male-dominated oil industry, would retire next month, handing the reins to insider Richard Jackson.
Reuters had reported in March that Hollub was preparing to retire after a decade at the helm of the U.S. oil and gas company. Jackson, who joined the shale producer in 2003 and is currently its chief operating officer, will join the board effective June 1.
Hollub’s tenure was defined by the debt-fueled acquisition of Anadarko Petroleum in 2019, a bold and controversial deal that reshaped Occidental’s business and drew intense investor scrutiny.
The move set off a multi-year transformation focused on cutting debt, selling assets and tightening operational discipline.
Her departure will mark the end of more than four decades at the Houston-based company, where she became the first woman to lead a major U.S. oil producer when she was named CEO in 2016.
The company she will hand over is more focused on oil and gas production than the one she inherited, partly due to additional moves Hollub made, including the $12 billion purchase of shale producer CrownRock in 2024 and the $9.7 billion divestment of its chemicals business completed at the start of this year.
Prior to becoming the top boss, Hollub led Occidental’s Permian Basin operations, building the company into one of the biggest operators in the nation’s largest U.S. oil region.
Occidental said Hollub would continue to serve on its board of directors after her retirement.
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