California Resources Corporation Announces Appointment of New Chair of the Board

Rhea-AI Summary

California Resources Corporation (CRC) announced the appointment of Tiffany (TJ) Thom Cepak as the new Chair of the Board of Directors, succeeding Mark A. (Mac) McFarland, who is now the President and CEO. This change emphasizes the Company's commitment to strong corporate governance by separating the roles of Chair and CEO. Ms. Cepak brings over 26 years of energy industry experience and has held significant positions such as Chief Financial Officer at multiple energy companies. Her leadership is expected to enhance the Company’s oversight following its emergence from bankruptcy.

Positive

• Tiffany Cepak's extensive experience in the energy sector may provide fresh perspectives and strengthen leadership.
• The separation of the Chair and CEO roles highlights CRC's commitment to corporate governance.

Negative

• Concerns may arise regarding continuity and leadership dynamics after McFarland's dual roles.

California Resources Corporation (NYSE: CRC) (the “Company”) announced today that Tiffany (TJ) Thom Cepak has been appointed as the Chair of the Board of Directors of the Company. Ms. Cepak replaces Mark A. (Mac) McFarland as the Chair following his appointment as the permanent President and Chief Executive Officer of the Company on March 22, 2021. Mr. McFarland will continue to serve as a director the Company.

Tiffany (TJ) Thom Cepak, Chair of the Board of Directors of California Resources Corporation (Photo: Business Wire)

Mr. McFarland, President and Chief Executive Officer, said, “With 26 years of experience in the energy industry, we look forward to Ms. Cepak’s leadership of our board. TJ brings tremendous expertise to the role, and her appointment as Chair separates the role of Chair from that of President and Chief Executive Officer and demonstrates our Board’s commitment to strong corporate governance practices.”

Ms. Cepak, Chair of the Board of Directors, said, “Mr. McFarland’s service as Chair of the Board has been critical in guiding the Company following its emergence from bankruptcy. I look forward to his continuing input as a director, and his ongoing leadership as the Company’s President and Chief Executive Officer.”

Ms. Cepak has served as a director of Patterson-UTI since August 2014 and as a director of Penn Virginia Corporation since September 2019. Ms. Cepak served as the Chief Financial Officer of Energy XXI Gulf Coast Inc. from August 2017 to October 2018 and as the Chief Financial Officer of KLR Energy (and, subsequent to its business combination, Rosehill Resources Inc.) from January 2015 to June 2017. She served as a director of Yates Petroleum Corporation, a privately owned, independent oil and gas exploration and production company, from October 2015 to October 2016. Ms. Cepak served four years as the Chief Financial Officer of EPL Oil & Gas, Inc., and was further appointed Executive Vice President in January 2014, and she served in those roles until June 2014, when EPL was sold. Prior to joining EPL in 2000, she was a Senior Reservoir Engineer with Exxon Production Company and ExxonMobil Company with operational roles including reservoir engineering and subsurface completion engineering for numerous offshore Gulf of Mexico properties. Ms. Cepak holds a B.S. in Engineering from the University of Illinois and an M.B.A. in Management with a concentration in Finance from Tulane University.

About California Resources Corporation (CRC)

California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, CRC focuses on safely and responsibly supplying affordable energy.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005357/en/

FAQ

Who is Tiffany (TJ) Thom Cepak and what is her role at CRC?

Tiffany (TJ) Thom Cepak is appointed as the Chair of the Board of Directors at California Resources Corporation, bringing 26 years of experience in the energy industry.

What leadership changes occurred at California Resources Corporation on March 22, 2021?

Mark A. (Mac) McFarland became the permanent President and CEO, while Tiffany Cepak was appointed as the new Chair of the Board.

What is the significance of separating the Chair and CEO roles at CRC?

Separating these roles demonstrates CRC's commitment to strong corporate governance and enhances oversight of the Company's operations.

What past roles has Tiffany Cepak held in the energy industry?

Ms. Cepak has served as CFO for several companies and held directorships at Patterson-UTI and Penn Virginia Corporation.

How might Tiffany Cepak’s appointment impact CRC’s future?

Her extensive industry experience could lead to stronger governance and strategic decisions post-bankruptcy.