Occidental names veteran Richard Jackson as CEO, Vicki Hollub to retire

Occidental Petroleum said on Friday its chief operating officer Richard Jackson will take over as CEO after current top boss Vicki Hollub retires, effective June 1.

Reuters in March reported that she was preparing to retire as CEO of the oil and gas producer.

Her exit would end more than four decades at the Houston-based oil producer, where she became the first woman to become the CEO of a major U.S. oil company in 2016.

Prior to becoming the top boss, Hollub led Occidental's Permian Basin operations, building the company into one of the biggest operators in the nation's largest U.S. oil region.

Jackson joined the shale producer in 2003 and currently serves as its chief operating officer.

Occidental said Hollub will continue serving on its board of directors after her retirement.