OCCIDENTAL PETROLEUM CORP /DE/ 8-K

What Happened
Occidental Petroleum (OXY) filed an 8‑K reporting that President & CEO Vicki Hollub informed the board on April 30, 2026 that she will retire as President and CEO effective June 1, 2026; she will remain on Occidental’s Board as a director. The Board unanimously appointed Richard A. Jackson (age 50) as President and CEO and as a board member, effective June 1, 2026. Occidental issued a press release on May 1, 2026 announcing the management change.

Key Details

• Vicki Hollub’s retirement will be treated as an eligible retirement under Occidental’s Retirement Policy; she and the company will enter a separation and release agreement to provide the policy’s retirement benefits.
• Richard A. Jackson has 25+ years in oil & gas, joined Occidental in 2003, served as Senior VP & COO since October 2025, and previously was Senior VP & President of Operations for U.S. Onshore Resources and Carbon Management (Oct 2020–Oct 2025).
• Jackson’s compensation as CEO: base salary increased to $1,400,000 per year; target annual cash incentive raised to 150% of base salary; grant of restricted stock units valued at $6,000,000 vesting in equal annual installments over three years, subject to continued service.
• No family relationships or reportable related‑party transactions involving Jackson were disclosed.
• At the May 1, 2026 Annual Meeting, all ten board nominees were elected (each received >96% support), the advisory “say‑on‑pay” vote was approved (For 94.34%), and shareholders ratified KPMG as auditor (For 97.70%).

Why It Matters
This is a material leadership transition: the CEO role shifts from the company’s long‑time leader to an internal successor, which may signal continuity in strategy because Jackson is a long‑time Occidental executive and most recently COO. The reported pay changes (higher base, larger incentive target and a $6M RSU grant) align the new CEO’s compensation with the role and may affect executive incentives and future reported compensation expense. Strong shareholder votes (board slate, say‑on‑pay, auditor ratification) indicate broad investor support for Occidental’s governance and the board’s succession plan.