Rumor on the street is that Chazen is trying to recruit his buddy Jim Hackett to take the CEO role from Vicki. Deal would be a four year gig, no salary, all options. Hackett took over Ocean Energy when it was struggling with the Ocean/Seagull merger and was a successful APC CEO many years ago. Vicki will be ousted as soon as they sign her replacement, whether Hackett or otherwise.
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Hackett has a lot on his plate with the investigation of the Alta Mesa mess. Possible shenanigans associated with overstating asset value. Public company means people go to jail for that.
Hopefully Jimbo will give us the COC!
I saw articles that mentioned getting him as a board member, but could find nothing about a CEO position.
I agree with you 100%!
Particularly your 4th paragraph.
All Oxy shareholders must show up at the meeting in May.
A Former Oxy EE and a current shareholder
What does "on the street" mean? I have not heard any recent news or rumors on this except from you.
VH is a liar. A liar is a liar is a liar. When you surround yourself with 'yes' men with no substance, your bound to make bad decision after bad decision. Liar + Bad Decision Making = Out of Job.
Oxy-has-corona
VH has values and ethics but just " lost a lot of trust?"
Seriously?
People with values and ethics don't suddenly "lose trust." You have to work at that. Or not work at it, if you want to look at it that way.
If she had values and ethics she wouldn't have done an end-around on the shareholders to get the APC deal done.
She took away the dividends being paid to the shareholders and gave them to Buffet. All thru her tenure she talked about the importance of the dividend. She paid Buffet 8% in an era of almost free money.
Why? One theory is that this was all about Vicki and her her "I am woman, hear me roar" insecurity.
Does that qualify as ethical behavior?
Jim’s values and ethics are needed now ... and while VH has those, she’s lost a lot of trust. Look up Alta Mesa’s story and it has some corruption involved before his arrival. Not saying he’s the perfect fit and can make miracles, but he knows how to make deals (2 acquisitions at the same time, then sold off some assets). He likely would bring fresh blood to the upper management levels, and maybe that’s a good thing too.
No people at APC were running it into the toilet.
Al knows how to drive down the market cap to a point that makes a company marketable, that's for sure. That scam artist should be in prison.
I heard they are bringing back Al. That’s a guy who knows how to get a company sold.
I just read that about Alta Mesa, started up in 2018 with a $1 Billion dollar check, invested in stack plays, etc. now less than 2 years later bankrupt and assets sold at fire sale proceeds of $320 million. This makes me nervous about Hackett taking over OXY, don’t need speculative plays and overly ambitious drilling!
Jim “Blank Check” Hackett?
He’s a hack for sure.
Just failed big time with Alta Mesa in 2018-2019.
Wow. Someone must have been a fly on the wall in a boardroom somewhere!
Hackett was most recently a very unsuccessful executive and played part in the destruction billions of dollars of capital by forming Alta Mesa. The company didn't even last 2 years. Truly one of the biggest flops in recent history. The industry environment Jim knew well and thrived in is no longer in existence. He's a great leader, but I think it might be time for Jim to ride off into the sunset.
Jim, is that you?