Occidental Petroleum Corp. announced Friday that it has begun its search for a successor to Chief Executive Stephen Chazen.

The board of the Los Angeles oil and gas exploration company has formed a search committee to find a replacement for Chazen, 66.

Chazen joined the company in 1994 as executive vice-president of corporate development and took the top post at Occidental in 2011, succeeding Ray Irani, who is now chairman. Irani will retire from the company at the end of 2014.

“Succession planning and best corporate governance practices have been a high priority for the board over the past number of years,” Margaret Foran, a board member, said in a statement. “We look forward to a thoughtful and smooth process that will yield the best result for Oxy and all of its constituencies.”

The company did not give a timetable for the search.

For reprint and licensing requests for this article, CLICK HERE.