CRC COO Shawn Kerns to retire July 31; Omar Hayat named EVP-Operations

California Resources Corp

Shawn Kerns, EVP and COO, retires effective July 31, 2023; departure not due to any dispute.
Omar Hayat appointed EVP-Operations effective June 19, 2023; previously SVP Operations.
Hayat receives $400,000 base salary, 100% target bonus, and LTIP with target value of 400% of base salary.
Hayat's LTIP awards expected as 60% PSUs (3-year cliff) and 40% RSUs (3-year ratable vest).
Hayat will also enter into standard indemnification agreement with the Company.

item 5.02 item 9.01

Executive movements

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Departed

Shawn Kerns

Executive Vice President and Chief Operating Officer

CRC · California Resources Corp

Effective: 2023-07-31
Successor: Omar Hayat
Filed: June 16, 2023, 7:59 PM ET

On June 16, 2023, California Resources Corporation (the “Company”) announced that Shawn Kerns, Executive Vice President and Chief Operating Officer, will retire from the Company effective as of July 31, 2023.

Appointed

Omar Hayat

Executive Vice President – Operations

CRC · California Resources Corp

Effective: 2023-06-19
Filed: June 16, 2023, 7:59 PM ET

On June 16, 2023, Omar Hayat was appointed as Executive Vice President – Operations, effective as of June 19, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Shawn Kerns departed as Executive Vice President and Chief Operating Officer at California Resources Corp.

Action: retire
Role: Executive Vice President and Chief Operating Officer

Exact text from the filing

On June 16, 2023, California Resources Corporation (the “Company”) announced that Shawn Kerns, Executive Vice President and Chief Operating Officer, will retire from the Company effective as of July 31, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Omar Hayat was appointed as Executive Vice President – Operations at California Resources Corp.

Action: appointed
Role: Executive Vice President – Operations

Exact text from the filing

On June 16, 2023, Omar Hayat was appointed as Executive Vice President – Operations, effective as of June 19, 2023.

View on SEC.gov

California Resources Corp filing history →

Source: SEC EDGAR

accession 0001609253-23-000063

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