- Push-out Score determined
- After about six and a half years in the position
- Praise and thanks for Stevens
- Mac McFarland taking over in the interim
- Search for a successor
- Stevens kept it short and said 40 words
(exechange) — Santa Clarita, California, December 21, 2020 — Todd Stevens, chief executive of California Resources, leaves. As announced by California Resources Corp. in a news release and in a regulatory filing published on Monday, December 21, 2020, Todd A. Stevens, chief executive officer, leaves the producer of oil and natural gas after about six and a half years in the role, effective December 31, 2020.
California Resources will undertake a search for a successor.
Todd Stevens’s duties as CEO will be taken over in the interim by Mark A. (Mac) McFarland, currently Executive Chairman of California Resources Corp., as interim Chief Executive Officer.
No reason given
In the announcement, California Resources did not explicitly explain the reason for Todd Stevens’s move, leaving room for speculation.
Precise information regarding Todd Stevens’s future plans was not immediately available.
“Leaving”
California Resources said: “Todd A. Stevens, President and Chief Executive Officer, will be leaving the Company on December 31.”
“Did not result from any dispute or disagreement”
“Mr. Stevens’ departure did not result from any dispute or disagreement with the Company on any matter relating to the Company’s operations, financial statements, internal controls, policies or practices,” California Resources said.
Share price increase since November 2020
The announcement follows an increase in California Resources Corp.’s share price of 65% since November 2020.
In the position of CEO since 2014
Todd Stevens became CEO of the Company in 2014.
Stevens was appointed President, Chief Executive Officer and a Director of CRC in 2014.
Stevens served as Vice President—Corporate Development of Occidental from 2012 to 2014, as Vice President—California Operations, Oxy Oil & Gas from 2008 to 2012, and as Vice President—Acquisitions and Corporate Finance of Occidental from 2004 to 2012.
He also serves on the board of directors of the Western States Petroleum Association.
Stevens holds a Master of Business Administration degree from the University of Southern California and a Bachelor of Science degree from the United States Military Academy.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to California Resources and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 52.2020 ($).