Marathon Oil CEO to Retire (USA)

Clarence P. Cazalot, Jr, chairman, president and CEO of Marathon Oil Corporation has elected to retire on Dec. 31, 2013, after almost 14 years leading Marathon Oil and 41 years in the oil and gas industry. Cazalot will continue as executive chairman through Dec. 31, 2013.

The Marathon Oil board of directors has elected Lee M. Tillman to the board of directors and to succeed Cazalot as president and CEO effective Aug. 1, 2013. The board of directors intends to nominate Dennis H. Reilley, currently Marathon Oil lead director, as non-executive chairman upon Cazalot’s retirement.

Tillman, 51, most recently served as vice president of Engineering for ExxonMobil Development Company where he was responsible for all global engineering staff engaged in major project concept selection, front end design and engineering. He holds a Bachelor of Science degree in chemical engineering with honors from Texas A&M University and a Ph.D. in chemical engineering from Auburn University. Following his formal education, Tillman began his career in the oil and gas industry at Exxon in 1989 as a research engineer. He has extensive operations management and leadership experience that has included assignments in Jakarta, Indonesia; Aberdeen, Scotland; Stavanger, Norway; Malabo, Equatorial Guinea; Dallas and New Orleans.

“Speaking for the entire Marathon Oil board of directors, we are very pleased to welcome Lee to the Company. His strong leadership skills and extensive experience in global operations, project execution and leading edge technology will be invaluable in confronting the challenges facing our Company and industry,” said Cazalot. “I look forward to working with Lee, the rest of our executive leadership team, and all our dedicated employees over the next six months as we transition to his leadership and continue to execute on our well defined strategy.”

“Marathon Oil’s strong set of base and growth assets, along with a robust exploration portfolio, reputation in the industry as a valued partner and dedication to exemplary corporate values make this a position I am very proud and excited to accept,” said Tillman. “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. 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.”