LOS ANGELES, Feb. 18, 1999 (PRIMEZONE) - Occidental Petroleum Corporation (NYSE: OXY) announced today a realignment of leadership in its finance function. Executive vice president and chief financial officer Anthony R. Leach has elected after 30 years of service to Occidental to relinquish some responsibilities in order to devote more time to his family and professional interests. In his new role as vice president-finance, he will remain responsible for the company's controller and internal audit functions.
Stephen I. Chazen, executive vice president-corporate development, will assume the additional title of chief financial officer, and will be responsible for the treasury, tax and corporate development functions.
Dr. Ray R. Irani, chairman and chief executive officer, said, "This new alignment allows us to continue to benefit from Tony's wisdom gained during 30 years of international finance experience at Oxy while bringing into sharper focus the shared needs of the finance and corporate development functions."
Mr. Leach joined Occidental in 1969 and served in increasingly responsible positions in finance until his appointment as executive vice president and chief financial officer in 1991. Prior to joining Occidental, he was employed by Ernst & Ernst.
Mr. Chazen joined Occidental as executive vice president - corporate development in 1994 after 12 years with Merrill Lynch & Co, lastly as a managing director in the investment banking group.
The changes are effective immediately.