Vicki Hollub, the Houston-based chief executive who turned Occidental into one of the country’s most closely watched oil producers, is preparing to step down from the top job, according to people familiar with the matter. The plan would shift day-to-day control to a seasoned operations hand after a decade of big, sometimes risky deals that reshaped the company.
An exclusive report from Reuters said Hollub may formally announce her exit later in 2026, with Richard Jackson viewed inside the boardroom as the frontrunner to replace her. According to that account, the transition could include a handoff phase in which Hollub remains as an adviser or CEO-designate while Jackson quietly assumes more leadership duties. Occidental’s shares ticked up modestly after the news surfaced.
Jackson Lined Up as Heir Apparent
Jackson was elevated to senior vice president and chief operating officer in October 2025, a promotion that put him over U.S. onshore operations, low-carbon integrated technologies and global operations. The company laid out that portfolio in a press release detailing his new role, a clear signal the board was grooming an operator with broad reach who could credibly move into the corner office. Those responsibilities are spelled out in a company release from Occidental.
Deals That Reshaped Oxy Under Hollub
Hollub’s tenure has been defined by headline-making transactions. She pushed through the Anadarko takeover in 2019, backed by about $10 billion in financing from Berkshire Hathaway, then later steered Occidental’s roughly $12 billion acquisition of CrownRock and the sale of its OxyChem chemicals unit for about $9.7 billion. Those moves, documented in company filings and news reports, including Occidental’s disclosures and coverage in outlets such as The Guardian, set the backdrop for what insiders hope will be a calm, choreographed succession. The Berkshire financing and related details are laid out in Occidental’s public filings.
What the Handoff Could Mean
For investors and employees, the real test will be whether a new boss sticks with the roadmap Hollub has been selling for years: heavy exposure to the Permian Basin, returning more cash to shareholders as debt comes down, and continued investment in carbon-management projects. Hollub also sits on the board of Lockheed Martin, a reminder that her clout stretches beyond the oil patch; the defense contractor lists her on its board roster.
People familiar with the situation say Occidental’s board and senior management are working through timing and messaging so neither Wall Street nor staff are caught off guard when a formal plan lands later in 2026. Until an official announcement comes, analysts and shareholders will be combing through filings and investor calls for any hints about Hollub’s potential transitional role and the strategic priorities Jackson, or any new CEO, might put at the top of the list.
_at_Sustainable_Development_Impact_Summit_2021.png){kind=link}