01—Abstract
Summary
Summary of the 8-K filed May 4, 2026. Cited figures are marked; the original filing is the authoritative source.
Occidental Petroleum (OXY) announced a planned CEO transition in an 8-K filed May 4, 2026.
President and CEO Vicki Hollub will retire effective June 1, 2026, after leading the company since 2016. The Board unanimously appointed Richard A. Jackson, 50, currently Senior Vice President and Chief Operating Officer, as her successor as President, CEO and Board member, also effective June 1, 2026.
Hollub's retirement is treated as an eligible retirement under the company's Retirement Policy, and she will remain on the Board. The filing describes the change as part of management succession planning, with Hollub citing the completion of a decade-long portfolio transformation as the reason for the timing. For investors, the key points are continuity and a shift in emphasis.
Jackson has been with Occidental since 2003 and has run U.S. onshore operations and the Permian Delaware Basin, and his stated priorities are organic resource improvement, cost efficiency, and operational execution rather than acquisitions. His compensation rises to a $1.4 milliona base salary, a 150% target annual cash incentive, and a $6 million RSU grant vesting over three years, which ties his pay to continued service. Hollub's continued board seat provides institutional continuity during the handover.
Shareholder approval at the May 1, 2026 Annual Meeting was broadly supportive. All ten director nominees were elected, with each receiving roughly 96.7%b to 99.2% support.
The say-on-pay advisory vote passed with 94.34%c in favor, and KPMG was ratified as auditor for 2026 with 97.70% support. Investors may want to monitor how Jackson's operating priorities affect capital allocation and production guidance after the transition.
02—Key points
Key Highlights
- CEO succession: Vicki Hollub retires as President and CEO effective June 1, 2026, and Richard A. Jackson (SVP and COO since October 2025) succeeds her as President, CEO and Board member on the same date.
- Hollub remains on the Board after retirement, and her retirement is treated as an eligible retirement under the Retirement Policy, with a separation and release agreement to be entered into.
- Jackson's compensation: base salary increases to $1,400,000, target annual cash incentive rises to 150% of base salary, and he receives a $6,000,000 RSU grant vesting in equal annual installments over three years.
- Jackson has been with Occidental since 2003 and previously led U.S. Onshore Resources and Carbon Management (October 2020 to October 2025), indicating a continuity-focused internal succession.
- Strong shareholder support at the May 1, 2026 Annual Meeting: all ten director nominees were elected with 96.66% to 99.18% of votes cast For.
- Say-on-pay advisory vote passed with 94.34% For; KPMG ratified as independent auditor for fiscal 2026 with 97.70% For.
- Management stated priorities focus on organic resource improvement, cost efficiency and operational execution, which investors should weigh against future capital allocation and guidance.
03—Questions
Frequently Asked Questions
Why is Vicki Hollub stepping down as CEO?
Hollub informed the Board on April 30, 2026 of her decision to retire, effective June 1, 2026. In the company's press release she said the recently completed decade-long transformation leaves Occidental with its best portfolio and technical expertise in its history, and that now is the right time for the transition. The filing presents the change as part of management succession planning.
Who is Richard A. Jackson and what is his background?
Jackson, 50, joined Occidental in 2003 and has over 25 years of oil and gas experience. He has served as SVP and Chief Operating Officer since October 2025, and previously as SVP and President of Operations for U.S. Onshore Resources and Carbon Management from October 2020 to October 2025. Other roles listed in the press release include President of Low Carbon Integrated Technologies, General Manager of the Permian Delaware Basin, and VP of Investor Relations.
How is Jackson being compensated in his new role?
Effective on or about June 1, 2026, his base salary increases to $1,400,000 and his target annual cash incentive rises to 150% of base salary. He also receives restricted stock units valued at $6,000,000 that vest in equal annual installments over three years, subject to continued service.
Does Hollub's retirement affect her role on the Board?
No. Hollub, who was re-elected as a director at the 2026 Annual Meeting, will continue to serve on the Board after her retirement as CEO. The Executive Compensation Committee determined her retirement qualifies as eligible under the Retirement Policy, and she will receive the benefits set out in that policy under a separation and release agreement with Occidental.
Did shareholders support the board and compensation proposals at the 2026 Annual Meeting?
Yes. All ten nominees were elected, with each receiving between 96.66% and 99.18% of votes cast For. The advisory say-on-pay vote passed with 94.34% For, and the ratification of KPMG as auditor for 2026 received 97.70% For.
04—Continue