Marathon Oil Corp. announced that CEO, Clarence Cazalot Jr., will retire at the end of this year and will be replaced by Exxon Mobil Corp. executive, Lee Tillman.
Cazalot will continue to serve as executive chairman until December 31, however, Tillman will assume his new role on August 1, 2013.
Cazalot served as Marathon's CEO for nearly 14 years, and has been in the industry since the 1970s.
Tillman—who has a background in chemical engineering, including a Ph.D in the field from Auburn University—started with Exxon in 1989 as a research engineer. Since then, Tillman has held numerous leadership and management positions including assignments in Jakarta, Indonesia; Aberdeen, Scotland; Stavanger, Norway; Malabo, Equatorial Guinea; Dallas and New Orleans.
"The progress Marathon Oil has made moving from an integrated company to an independent exploration and production company over the past two years has been nothing short of exceptional,” said Tillman. “The combined efforts of a dynamic board, focused management and dedicated global employees have yielded Marathon Oil's differentiating performance and strong growth outlook. I look forward to building on this solid foundation to further enhance Marathon Oil's long term shareholder value."
Marathon is seeing a shift in other management roles also as Cazalot’s plans for retirement follow Marathon’s CIO, Thomas K. Sneed’s announcement to retire from the company last week.
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