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California Resources has announced that Mark A. McFarland, the Company's Executive Chairman, will serve as interim Chief Executive Officer and James N. Chapman will serve as Lead Independent Director.
The Board of Directors will launch a search process for the Company's next CEO, after California Resources said that Todd A. Stevens, President and Chief Executive Officer, will be leaving the Company on December 31.
Mr. McFarland said, "Todd has led this organization through a very challenging period of time in our industry and the Company's new board is thankful for his service and dedication. Looking forward, we will continue to focus on providing affordable energy in a safe and environmentally responsible manner and will engage proactively with our employees, regulators and stakeholders. In addition to our CEO search, we have initiated a full-scale business review and strategic repositioning effort with specific emphasis on cost reductions, capital discipline and asset rationalization to create value for our shareholders."
Mr. Stevens said, "It has been an honor to work with the men and women of CRC over the last 6+ years. I want to express my deepest gratitude to them and wish them and the Company all the best in the future."
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