People Moves: Magnolia Oil & Gas appoints new CEO as Stephen Chazen steps down for health reasons
"First and foremost, we would like to extend our deep support to Steve's family. Steve is an exceptionally talented and revered leader, who will leave an extraordinary legacy on our industry," commented Dan Smith, who previously served as Magnolia's lead independent director and has been named as chairman of the board.
"Not only has Steve led an evolution of Magnolia, but his influence has also shaped the oil and gas landscape and the greater business and Houston communities," Smith added.
Chazen helped form Magnolia, a publicly traded E&P company focused in the core of the Eagle Ford and Austin Chalk formations, through a transaction in 2018 between EnerVest and a blank-check company he headed following his retirement from Occidental Petroleum Inc.
Previously, Chazen served as president and CEO of Occidental from May 2011 to April 2016. He joined Oxy as executive vice president-corporate development in 1994 and currently still serves as independent chairman, a position he has held since 2020.
Effective immediately, Magnolia on Sept. 21 named Christopher Stavros, the company's CFO, as president and CEO. He has also been appointed to the board of directors.
"Steve has always expressed his utmost confidence in Chris, and the board believes Chris is uniquely qualified and the right person to lead Magnolia," Smith said adding Stavros' appointment was made as a result of long-term succession planning.
Stavros has 30 years of experience in the energy and financial industries and previously served as senior vice president and CFO of Occidental Petroleum.
He joined Occidental in 2005 and was named CFO in 2014 having previously served as vice president, investor relations and treasurer. He retired from Occidental in May 2017 to join Chazen at Magnolia Oil & Gas.
Prior to his appointment as president, CEO and member of the board of directors, Stavros served as executive vice president and CFO since Magnolia's inception.
"I have had the honor for almost two decades to call Steve not only a mentor and colleague, but also a dear friend. Steve is a charismatic and transformational leader with a passion for our business," Stavros said in a statement.
"We are all privileged to have worked with Steve and are grateful for the impact he has had on us," he continued. "I step into this role confident that Magnolia is well positioned to successfully execute our strategic plan."