en.Wedoany.com Report on Mar 27th, Vicki Hollub, the CEO of Occidental Petroleum, plans to step down later this year, concluding her over four-decade career at the Houston-based oil producer. During her decade-long tenure leading Occidental, Hollub guided the company to become a major producer in the U.S. Permian Basin and became the first woman to serve as CEO of a major oil company.

Sources revealed that following the departure of the 66-year-old Hollub, Richard Jackson, who was promoted to Chief Operating Officer last October, is expected to take over as CEO. Jackson, who joined Occidental in 2003, represents a continuation of the company's tradition of promoting from within. Sources indicated that a transition period is expected, during which Hollub may remain as an advisor to assist and continue serving on the company's board of directors.

Hollub's tenure was marked by the 2019 acquisition of Anadarko Petroleum, a $55 billion deal that saddled Occidental with significant debt but accelerated its shale business. The company recently also acquired shale producer CrownRock for $12 billion and completed the $9.7 billion divestiture of its chemicals business, allowing the company to focus more on oil and gas production.

An Occidental Petroleum spokesperson stated, "We have a strong board and governance structure and do not comment on speculation." Sources added that ongoing conflicts in the Middle East could potentially disrupt energy supplies, which might influence Hollub's plans.

Hollub played a key role in breaking gender barriers in the oil industry, having been the only female CEO of a U.S.-listed oil and gas company. As she steps down, her professional expertise is expected to be sought after by other companies; she has served on the board of directors of Lockheed Martin since 2018.