California Resources Corp. announces executive transition and retirement

California Resources Corp. (CRC) has announced that William Albrecht will transition from Executive Chairman to Non-Executive Chairman at the time of CRC’s annual stockholder meeting in May 2016.

“I have served in an executive chairman capacity to facilitate California Resources Corporation’s transition to a stand-alone company following the company’s spin-off in 2014,” commented Mr. Albrecht. “Todd Stevens and CRC’s management team have demonstrated excellent foresight and decisive judgment during a challenging first year. I am fully confident that Todd and the senior management team will continue to effectively guide the Company going forward. The Board and I believe that it is appropriate, and a reflection of CRC’s commitment to strong corporate governance, that I move to a non-executive chairman role.”

CRC also reported that after 16 years of service to CRC and its predecessors, Frank Komin, Executive Vice President – Southern Operations, has elected to retire.

Todd Stevens, President and CEO, added: “I would personally like to thank Frank for deferring his retirement to help us launch CRC. With his effective leadership and extensive experience, Frank has made a very significant contribution to our organization and to the communities where we operate and we are grateful for his leadership.”

Robert Barnes, Executive Vice President, who currently leads CRC’s Northern Operations in the San Joaquin and Sacramento basins will oversee statewide operations upon Frank’s retirement.

Edited from press release by Angharad Lock

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