Occidental Petroleum Corp. (NYSE: OXY) announced that Richard Jackson will succeed Vicki Hollub as president and chief executive officer effective June 1, 2026. Hollub will retire after serving as CEO since 2016 and will remain on the company's board of directors.

Jackson, currently senior vice president and chief operating officer, will also join the board of directors on June 1. He has worked at Occidental since 2003, holding positions including president of U.S. Onshore Oil and Gas, president of Low Carbon Integrated Technologies, and general manager of the Permian Delaware Basin and Enhanced Oil Recovery Oil and Gas.

Hollub has been with Occidental for more than 40 years and has served as a board member since 2015. "Following the recently completed decade-long transformation of the company, we now have the best portfolio and the best technical expertise in Occidental's history," Hollub said in a statement.

Board Chairman Jack Moore said Jackson "is the right leader to guide the company into its next phase of our strategy." As chief operating officer, Jackson has focused on resource improvement and cost efficiency through well performance improvements and operational execution.

"I am committed to delivering value from our significant and high-quality resource base," Jackson said. "We have a tremendous opportunity to focus on organic improvement and execution to deliver meaningful value for our employees, shareholders and partners."

The leadership transition is part of the company's management succession planning, according to the announcement made by the Houston-based energy company.