By Lauren Pollock
Occidental Petroleum Corp. on Tuesday named company insider
Vicki Hollub as its next chief executive and raised its quarterly
dividend.
The company said Ms. Hollub will succeed Stephen Chazen as CEO
after a "thorough transition period." She became president of the
oil and gas operations last year and will continue in that role in
the interim. She was also promoted to senior executive vice
president of the company.
"After a thoughtful succession review, the board selected Vicki
based on her strong track record of successfully growing our
domestic oil and gas business profitably and efficiently," Mr.
Chazen said. "I look forward to working with her to prepare her for
the CEO role and to stepping aside when she is ready to take it
on."
Ms. Hollub has nearly 35 years of experience in the oil and gas
industry and held a number of other roles at Occidental.
The company, which is slated to report its quarterly results on
Wednesday morning, has been selling assets to better focus its
operations. Earlier this year it pegged a lower capital-spending
budget for 2015, joining a long of other oil and gas companies to
curb spending amid the big slump in crude-oil prices.
Occidental, however, said Tuesday that it would boost its
dividend for the 13th consecutive year, bringing the annual payout
to $3 a share from $2.88.
Write to Lauren Pollock at lauren.pollock@wsj.com
Access Investor Kit for Occidental Petroleum Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US6745991058
Subscribe to WSJ: http://online.wsj.com?mod=djnwires