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California Resources Names McFarland Permanent CEO

Joel Russel
By Joel Russel
55

California Resources Corp. has appointed of Mark "Mac" McFarland as the company’s permanent chief executive, effective immediately on Monday.McFarland has served as interim chief executive at the Santa Clarita oil and gas company since Dec. 31, when former chief executive Todd Stevens stepped down.McFarland joined the company’s board when it emerged from Chapter 11 reorganization in October.“In his role as interim CEO, Mac has been instrumental in repositioning the company post its bankruptcy exit, including the recent successful high yield financing,” James Chapman, lead independent director, said in a statement. “In addition, Mac is stewarding ongoing efforts to reduce costs and optimize the operating portfolio with the core objective for CRC to become a lean and efficient operator producing robust cash flow.”Shares of California Resources Corp. (CRC) closed Monday up 17 cents, or a fraction of a percent, to $24.30 on the New York Stock Exchange.

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Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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