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Arch Resources (NYSE:ARCH – Get Rating) had its target price lowered by B. Riley from $234.00 to $221.00 in a research report sent to investors on Friday morning, The Fly reports. Other research analysts also recently issued research reports about the company. StockNews.com assumed coverage on Arch Resources in a research note on Thursday, March […]
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