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)