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California Resources Corp. is reducing the size of its leadership team and realigning several functions as it focuses on efficiency and cost reductions.
The Company is eliminating leadership positions in the areas of public affairs, exploration and development, investor relations and finance, and implementing the following functional realignment:
reporting to Mac McFarland (interim CEO) will be Francisco Leon (Chief Financial Officer), Mike Preston (Chief Administrative Officer and General Counsel), Shawn Kerns (Executive Vice President, Operations and Engineering), and Carlos Contreras (Senior Vice President, Commercial):
- Mr. Leon's functional responsibilities will include finance and planning, reserves, business development, investor relations and supply chain
- Mr. Preston will have responsibility for legal, IT, human resources and government and external affairs
- Mr. Kerns will have responsibility for all aspects of operations and development
- Mr. Contreras will lead the marketing function
These organizational changes, when fully implemented, are expected to reduce the Company's run rate costs by approximately $8 million per year (representing a 22% reduction in senior leadership team costs)1and result in one-time charges of approximately $5 million.
Mr. McFarland said: "This streamlined leadership team is the first step in better positioning the Company to focus on implementing additional cost reductions, maintaining our capital discipline and asset rationalization through our full-scale Business Review. We will continue to maintain our focus on safe and environmentally responsible operations as we implement changes to the Company's organization and strategic direction."
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