Occidental Names New Finance Chief -- Update
April 03 2020 - 08:30PM
Dow Jones News
By Kimberly Chin and Nina Trentmann
Occidental Petroleum Corp. has hired a new finance chief, part
of a wider management shake-up that comes amid renewed criticism of
the company's $38 billion deal to buy rival Anadarko Petroleum
Corp.
The Houston-based company said Friday it has promoted Robert
Peterson as its next chief financial officer, succeeding Cedric
Burgher.
Mr. Peterson has served as senior vice president of the Permian
enhanced oil recovery techniques unit for Occidental Oil and Gas
since September. Previously, he was the vice president of Permian
strategy for Occidental Oil and Gas.
Mr. Burgher will move into a different role in the company,
Occidental said. He has held the finance chief role since joining
the company in May 2017.
The company this week filed a proxy in which it disclosed the
ouster of Oscar Brown, a former Bank of America Corp. banker who
served as a key lieutenant of Occidental Chief Executive Vicki
Hollub and played a core role in orchestrating the Anadarko
deal.
The proxy noted that Mr. Brown "was an employee of Occidental
from 2016 to March 2020."
Occidental came under fire again from activist investor Carl
Icahn -- a critic of the 2019 Anadarko deal -- last month as oil
prices plummeted due to the coronavirus pandemic and a
Saudi-Russian oil-price war. Occidental reached a deal with Mr.
Icahn that resulted in him replacing several members of the
company's board of directors.
The company also has slashed its dividend, cut planned capital
spending for this year by nearly half and reduced salaries for
executives and employees in response to the plunge in oil
prices.
--
Rebecca Elliott
contributed to this article.
Write to Kimberly Chin at kimberly.chin@wsj.com and Nina
Trentmann at Nina.Trentmann@wsj.com
(END) Dow Jones Newswires
April 03, 2020 20:15 ET (00:15 GMT)
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