July 10 Occidental Petroleum Corp on Thursday named longtime executive Todd Stevens as chief executive of California Resources Corp (CRC) ahead of its planned spin-off of the subsidiary.
William Albrecht was named executive chairman of the company that will focus on the development of Occidental's oil and natural gas properties in California. Analysts peg the value of the standalone company at around $20 billion.
"Todd and Bill are eminently qualified to lead CRC," Stephen Chazen, Occidental's CEO, said in a statement. "Both have played an important part in building and managing our California operations for over 15 years."
Stevens, 47, a 19-year veteran of Occidental, most recently served as vice president of corporate development, leading growth-focused initiatives including mergers and acquisitions.
Albrecht, 62, has been president, Occidental Oil and Gas - Americas, and vice president, Occidental Petroleum Corporation, since 2011. He joined the company in 2007.
The planned spin-off of 80 percent of the California unit's stock to Occidental shareholders still requires regulatory and board approvals, the company said. (Reporting by Anna Driver in Houston; editing by Matthew Lewis)