Clarence P. Cazalot, Jr., chairman, president and CEO of Marathon Oil Corp. (NYSE: MRO) has elected to retire on Dec. 31, 2013, after almost 14 years leading Marathon Oil and 41 years in the oil and gas industry. Cazalot will continue as executive chairman through Dec. 31, 2013.
Cazalot joined Marathon in March 2000. He became chairman oil Marathon Oil Corp. (NYSE: MRO) following the spin-off of Marathon Petroleum Corp. (NYSE: MPC) in mid-2011, making Marathon Oil an independent upstream company. Prior to Marathon, Cazalot served as vice president of Texaco Inc. and president of Texaco's worldwide production operations.
The Marathon Oil board of directors has elected Lee M. Tillman to the board of directors and to succeed Cazalot as president and CEO effective Aug. 1, 2013. The board of directors intends to nominate Dennis H. Reilley, currently Marathon Oil lead director, as non-executive chairman upon Cazalot's retirement.
Tillman most recently served as vice president of Engineering for ExxonMobil Development Company where he was responsible for all global engineering staff engaged in major project concept selection, front end design and engineering. He holds a Bachelor of Science degree in chemical engineering with honors from Texas A&M University and a PhD in chemical engineering from Auburn University.
Following his formal education, Tillman began his career in the oil and gas industry at Exxon in 1989 as a research engineer. He has extensive operations management and leadership experience that has included assignments in Jakarta, Indonesia; Aberdeen, Scotland; Stavanger, Norway; Malabo, Equatorial Guinea; Dallas and New Orleans.
News of Cazalot's retirement comes one week after Thomas K. Sneed, Marathon Oil Corp.'s vice president and chief information officer announced his retirement plan set for Sept. 1, 2013 following more than 32 years of service.