Occidental Petroleum announced that President and CEO Vicki Hollub will retire effective June 1, 2026. The Board of Directors has appointed Richard A. Jackson, the company's current Chief Operating Officer, to succeed Ms. Hollub as President, CEO, and a member of the Board. Ms. Hollub will continue to serve on Occidental's Board of Directors following her retirement to ensure a smooth transition.
Key Details
- Leadership Transition: The CEO succession is effective June 1, 2026.
- Incoming CEO: Richard A. Jackson, age 50, has served as Occidental's COO since October 2025 and joined the company in 2003.
- New CEO Compensation: Mr. Jackson's new compensation package includes a base salary of $1.4 million, a target annual bonus of 150% of base salary, and a one-time restricted stock unit grant valued at $6 million.
- Outgoing CEO: Vicki Hollub will continue to serve as a member of the Board of Directors after her retirement.