Stephen Chazen
Stephen Chazen | |
|---|---|
| Born | 1946 |
| Died | September 22, 2022 (aged 75–76) |
| Occupation | Business executive |
| Years active | 1994–2019 |
| Known for | CEO of Occidental Petroleum (2011–2016) |
Stephen Chazen (1946 – September 22, 2022) was a prominent American executive who held the positions of president and CEO at Occidental Petroleum between 2011 and 2016.
Early life
Chazen was born in 1946 and pursued higher education in geology, obtaining a bachelor's degree from Rutgers University. He further advanced his studies by earning a master's degree in finance at the University of Houston and completed a PhD in geology at Michigan State University.
Career
His professional journey began at Merrill Lynch, where he served as managing director specializing in corporate finance and mergers and acquisitions.
In 1994, Chazen joined Occidental Petroleum (OXY), then ranked as the fourth largest oil producer in the United States with headquarters in Los Angeles. Throughout his tenure at Occidental, he occupied several key roles including executive vice president of corporate development from 1994 to 2004, senior executive vice president and chief financial officer between 2004 and 2007, followed by president from 2007 until 2016, and CEO from 2011 to 2016. He took over the CEO role from Ray R. Irani, who continued as chairman. Chazen publicly refuted any claims of discord with Irani.
During his leadership, Occidental’s net income increased significantly to $3.4 billion in 2011, marking a $1.6 billion improvement compared to the previous year, which positioned him among the most effective value-creating CEOs in Southern California.
Chazen also held board memberships with organizations such as the American Petroleum Institute, Lyondell Chemical Company, Premcor, and Washington Mutual.
By August 2016, his personal wealth was estimated to be over $128 million, primarily derived from stock ownership in Occidental and other companies.
Apart from his corporate roles, he contributed to nonprofit governance through boards like the Aquarium of the Pacific and the Catalina Island Conservancy. Politically, he identified as a member of the Republican Party.
In 2019, amid internal company conflicts, Chazen was called back to serve on Occidental’s board to assist in resolving disputes.
Death
Stephen Chazen passed away on September 22, 2022.