---
schema_version: "secwatch.filing_event.v1"
accession: "0001609253-23-000034"
form_type: "8-K"
ticker: "CRC"
cik: "0001609253"
company_name: "California Resources Corp"
filed_at: "2023-05-01T23:59:59+00:00"
generated_at: "2026-06-16T05:02:45.056524+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# CRC appoints Nelly Molina as EVP & CFO effective May 8, replacing Francisco Leon who became CEO

## Summary
- Molina joins from Sempra Energy, previously CFO of IEnova and VP Audit Services/IR at Sempra.
- Employment agreement: $550K base salary, 100% target bonus, $150K sign-on bonus, LTIP target 400% of base.
- Shareholders approved Certificate of Incorporation amendment permitting officer exculpation for duty of care claims.
- All nine director nominees elected; KPMG, say-on-pay, and officer exculpation proposals approved.
- Prior CFO Francisco Leon became President and CEO on April 28, 2023.

## SEC filing metadata
- accession: 0001609253-23-000034
- form_type: 8-K
- ticker: CRC
- cik: 0001609253
- company_name: California Resources Corp
- filed_at: 2023-05-01T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.02, 5.03, 5.07, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000034/0001609253-23-000034-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000034/crc-20230428.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001609253-23-000034
- JSON: https://secwatch.observer/filing/0001609253-23-000034.json
- Plain text: https://secwatch.observer/filing/0001609253-23-000034.txt

## Key facts
- Executive change
  Manuela (Nelly) Molina was appointed as Executive Vice President and Chief Financial Officer at California Resources Corp.
  - Action: appointed
  - Role: Executive Vice President and Chief Financial Officer
  source text: On May 1, 2023, California Resources Corporation (the “ Company ”) announced that Manuela (Nelly) Molina has been appointed as Executive Vice President and Chief Financial Officer, effective May 8, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000034/0001609253-23-000034-index.htm
- Governance Changes
  California Resources Corp: Amendment to Certificate of Incorporation to permit officer exculpation for direct claims for breach of fiduciary duty of care, as permitted by Delaware law (effective 2023-05-01).
  - Change: charter amendment
  - Effective: 2023-05-01
  source text: On April 28, 2023, the stockholders approved an amendment of the Company's Certificate of Incorporation, and the amendment was filed with the office of the Secretary of State of Delaware on May 1, 2023 and became effective upon filing. The amendment was adopted to reflect new Delaware law provisions regarding officer exculpation.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000034/0001609253-23-000034-index.htm
- Shareholder Votes
  California Resources Corp shareholders approved Ratification of KPMG LLP as independent registered public accounting firm for fiscal year 2023 at the 2023-04-28 meeting.
  - Proposal: auditor ratification
  - Outcome: passed
  - Meeting: 2023-04-28
  source text: The ratification of the selection of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2023 was approved. The proposal received 64,209,577 votes for; 93,388 votes against; and 184 abstentions.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000034/0001609253-23-000034-index.htm
- Shareholder Votes
  California Resources Corp shareholders approved Amendment to Certificate of Incorporation regarding officer exculpation at the 2023-04-28 meeting.
  - Proposal: charter amendment
  - Outcome: passed
  - Meeting: 2023-04-28
  source text: The amendment to the Certificate of Incorporation regarding officer exculpation was approved. The proposal received 55,610,207 votes for; 6,557,090 votes against; 95,890 abstentions; and 2,039,962 broker non-votes.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000034/0001609253-23-000034-index.htm
- Shareholder Votes
  California Resources Corp shareholders approved Advisory vote to approve named executive officer compensation at the 2023-04-28 meeting.
  - Proposal: say on pay
  - Outcome: passed
  - Meeting: 2023-04-28
  source text: The advisory vote to approve named executive officer compensation was approved. The proposal received 62,001,685 votes for; 254,522 votes against; 6,980 abstentions; and 2,039,962 broker non-votes.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609253/000160925323000034/0001609253-23-000034-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.