February 14, 2013 / 11:35 PM / in 5 years

Occidental says seeking replacement for CEO Chazen

Feb 14 (Reuters) - Occidental Petroleum Corp has started looking for someone to replace Chief Executive Stephen Chazen, the fourth-largest U.S. oil company said on Thursday.

“Succession planning and best corporate governance practices have been a high priority for the Board over the past number of years,” Director Margaret Foran said. “We look forward to a thoughtful and smooth process that will yield the best result for Oxy and all of its constituencies.”

Chazen joined Occidental in 1994, but he only took over as CEO in mid-2011 after serving as chief financial officer for more than a decade. Executive Chairman Ray Irani is set to retire at the end of 2014.

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