Stevens out as chief executive at oil producer CRC [The Bakersfield Californian]
Dec. 22 The top executive at California Resources Corp. will step down next week and be replaced on an interim basis by the local oil producer’s new chairman, a civil engineer with a background in electrical power generation.
President and CEO Todd A. Stevens, 53, a Bakersfield High School Driller, has led Santa Clarita-based CRC since its 2014 spinoff from Occidental Petroleum Corp. He presided over the company’s Chapter 11 bankruptcy in July and subsequent re-emergence under lender ownership.
A company news release on the transition offered no explanation for Stevens’s sudden departure and there was no word on whether he was forced out or resigned voluntarily. It only said his exit “did not result from any dispute or disagreement with the company on any matter relating to the company’s operations, financial statements, internal controls, policies or practices.”
The top executive at California Resources Corp. will step down next week and be replaced on an interim basis by the local oil producerâs new chairman, a civil engineer with a background in electrical power generation.
President and CEO Todd A. Stevens, 53, a Bakersfield High School Driller, has led Santa Clarita-based CRC since its 2014 spinoff from Occidental Petroleum Corp. He presided over the companyâs Chapter 11 bankruptcy in July and subsequent re-emergence under lender ownership.
A company news release on the transition offered no explanation for Stevensâ sudden departure and there was no word on whether he was forced out or resigned voluntarily. It only said his exit âdid not result from any dispute or disagreement with the company on any matter relating to the companyâs operations, financial statements, internal controls, policies or practices.â
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California Resources Corp. has revealed on Dec. 21 that Todd A. Stevens, president and CEO, will be leaving the company on December 31.
Todd A. Stevens, president and CEO of California Resources Corp., will depart from the company on Dec. 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
Todd Stevens
California Resources Corp. announced Monday that Chief Executive Todd Stevens will leave the company on Dec. 31 after a six-year run.
The Santa Clarita-based oil and gas company said Executive Chairman Mark McFarland will serve as interim chief executive while James Chapman will serve as lead independent director as the board launches a search process for the company’s next top leader.
California Resources has been beset with problems in 2020, culminating with a July Chapter 11 filing. By late October, the fuel producer completed its financial restructuring and had emerged from Chapter 11.
At the time, the company announced that “approximately $4.4 billion of loans and notes outstanding as of June 30, 2020 have been equitized. Additionally, all of the company’s previously existing equity interests have been canceled and ceased to exist after the market close on Oct. 27.”
Close to $1 billion flowed directly to businesses in Kern County this year as part of the Paycheck Protection Program meant to keep small businesses afloat amid the economic fallout of the pandemic, according to federal data released earlier this month.
The massive federal aid program provided more than $500 billion in forgivable loans to commercial enterprises across the nation for losses incurred by the pandemic, with a majority of funds required to be used to keep paying employees.
In total, $900 million was given out to companies in Kern by the Small Business Administration in the form of 7,133 loans, according to an analysis of the data by The Californian. The analysis looked at data in all 50 ZIP codes in Kern County and covered loans ranging in size from $200 to $10 million.