Occidental Petroleum (NYSE: OXY) on July 17th announced the leadership team for its new California Resources Corporation (CRC) subsidiary. Todd A. Stevens will be President and Chief Executive Officer, and William E. Albrecht will be Executive Chairman of the Board.

In February Occidental announced plans to move its headquarters from Los Angeles to Houston and establish CRC as an independent oil and natural gas exploration and production company operating exclusively in California.

Stephen I. Chazen, Occidental’s President and Chief Executive Officer, said the two men “bring proven leadership abilities and more than 50 years of combined industry experience. Both have played an important part in building and managing our California operations for over 15 years.”

Mr. Stevens, 47, a 19-year veteran of Occidental, has served as Vice President, Corporate Development, since August 2012. He has led the company’s mergers and acquisitions, land management and worldwide exploration. From 2008 to 2012, he was Vice President, Acquisition and Corporate Finance, and Vice President, California Operations.

Mr. Albrecht, 62, has been President of Occidental Oil and Gas – Americas, and Vice President of Occidental Petroleum Corporation, since 2011. With more than 35 years of industry experience, he was responsible for Occidental’s oil and gas operations in North and South America. He joined the company in 2007 as Vice President, California Operations.

Occidental said it will continue planning for the separation of the businesses, including determining the board of directors for CRC, and will continue to disclose material developments as they occur. It noted that the spin-off of CRC from Occidental is subject to market conditions, regulatory approvals, receipt of an affirmative ruling from the Internal Revenue Service, execution of separation and intercompany agreements, acceptance of the new company’s stock for listing, and final approval by its board of directors.