Oxy in hunt for new chief

The logo on the Occidental Petroleum building fronts Wilshire Boulevard in the Westwood district of Los Angeles, Monday, July 23, 2007. Oil producer Occidental Petroleum Corp. on Tuesday, July 24, 2007 said profits rose 64 percent in the second quarter on gains from the sale of noncore assets. (AP Photo/Kevork Djansezian)

Occidental search: Company in hunt for new CEO

Kevork Djansezian

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Kathrine Schmidt

 14 February 2013 23:55 GMT

Occidental Petroleum said late Thursday it had begun efforts to find a replacement for chief executive Stephen Chazen.

The US independent said it had not set a timeline for the process, which will be assisted by an executive search firm.

"Succession planning and best corporate governance practices have been a high priority for the Board over the past number of years," director Margaret Foran said in a statement.

"We look forward to a thoughtful and smooth process that will yield the best result for Oxy and all of its constituencies."

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