- Signs for push-out forces
- After almost three years on the job
- Laud, praise, thanks and good wishes for Stavros
- Cedric Burgher taking over
(exechange) — Houston, Texas, May 31, 2017 — Chris Stavros, finance chief of Occidental, leaves. It is an abrupt change. As announced by Occidental Petroleum Corporation in a news release and in a regulatory filing published on Wednesday, May 31, 2017, Christopher G. (Chris) Stavros has already left the post as Chief Financial Officer at the oil and gas exploration and production company in a surprising move after almost three years on the job, effective May 30, 2017.
No company wants a CFO to flame out in the first years.
Stavros’ move comes 14 months after Vicki A. Hollub took over as CEO of Occidental Petroleum Corporation.
Stavros’ duties are taken over by Cedric Burgher, most recently Senior Vice President at EOG Resources, Inc.
The fact that Stavros’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider doesn’t have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Occidental did not explicitly explain the obviously compelling reason for Stavros’ sudden move, opening the door for speculation.
Precise information about the future plans of Stavros was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.
Occidental said: “Effective May 30, 2017, Mr. Christopher G. Stavros announced his retirement as Senior Vice President and Chief Financial Officer of Occidental Petroleum Corporation.”
Share price decline
The change follows a decline in the share price of Occidental Petroleum Corporation since August 2014.
Chaired by Eugene L. Batchelder
Occidental Petroleum Corporation is chaired by Eugene L. Batchelder.
CEO: Vicki A. Hollub
Vicki A. Hollub serves as CEO of Occidental Petroleum Corporation. Hollub has held the position of President and Chief Executive Officer of Occidental since April 2016 and has been a member of the Board of Directors since December 2015.
On the job as CFO since 2014
Stavros has been Senior Vice President since February 2015 and Chief Financial Officer since July 2014.
Stavros is responsible for Occidental’s tax, treasury and controller functions as well as investor relations, communications, public affairs and government relations.
Stavros has been an employee of Occidental for over 12 years.
Signs for push-out forces
It is not completely certain what forces eventually triggered Chris Stavros’ sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 23.2017 ($).