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Stevens out as chief executive at oil producer CRC


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’ 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.” ....

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California Resources Corporation Announces CEO Departure


California Resources Corporation Announces CEO Departure
By
Staff
3 months ago
SANTA CLARITA, Calif.–(BUSINESS WIRE)–California Resources Corporation (NYSE: CRC) (the “Company”) announced today that Todd A. Stevens, President and Chief Executive Officer, will be leaving the Company on December 31. Mark A. (“Mac”) McFarland, the Company’s Executive Chairman, will serve as interim Chief Executive Officer 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.
Mr. McFarland said, “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. 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 ....

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