California Resources Corp. has revealed on Dec. 21 that Todd A. Stevens, president and CEO, will be leaving the company on December 31.
Mark A. McFarland, the company’s executive chairman, will serve as interim CEO and James N. Chapman will serve as lead independent director. The board of directors will launch a search process for the company’s next CEO.
“Todd has led this organization through a very challenging period of time in our industry and the company’s new board is thankful for his service and dedication,” McFarland said. “Looking forward, we will continue to focus on providing affordable energy in a safe and environmentally responsible manner and will engage proactively with our employees, regulators and stakeholders. In addition to our CEO search, we have initiated a full-scale business review and strategic repositioning effort with specific emphasis on cost reductions, capital discipline and asset rationalization to create value for our shareholders.”
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