Summary
Occidental Petroleum Corporation (OXY) announced significant leadership changes via an 8-K filing on May 4, 2026. Effective June 1, 2026, current President and CEO Vicki Hollub will retire from her executive role but will continue to serve on the Board of Directors. This transition marks the end of Ms. Hollub's tenure as CEO, and she will receive retirement benefits as per Occidental's policy, coupled with a separation and release agreement. The Board has appointed Richard A. Jackson, currently Senior Vice President and Chief Operating Officer, as the new President and CEO. Mr. Jackson, who has been with Occidental since 2003 and possesses over 25 years of industry experience, will assume his new responsibilities on the same effective date. His compensation package has been updated to reflect his new role, including an increased base salary, a higher target annual cash incentive, and a significant restricted stock unit grant designed to vest over three years.
Key Highlights
- 1Vicki Hollub, President and CEO, is retiring from her executive position effective June 1, 2026, but will remain on the Board of Directors.
- 2Richard A. Jackson has been appointed as the new President and CEO, effective June 1, 2026.
- 3Mr. Jackson's compensation includes a new base salary of $1,400,000, a target annual cash incentive of 150% of base salary, and a $6,000,000 restricted stock unit grant vesting over three years.
- 4Vicki Hollub's retirement is treated as an eligible retirement under the company's policy, entitling her to retirement benefits.
- 5Occidental held its 2026 Annual Meeting of Shareholders on May 1, 2026, where all ten director nominees, including Vicki Hollub, were elected with strong shareholder support.
- 6Shareholders approved the advisory vote on named executive officer compensation (94.34% for) and ratified the appointment of KPMG as the independent auditor for 2026 (97.70% for).
- 7Mr. Jackson has no reportable family relationships or related party transactions requiring disclosure.