Marathon Oil Hires Former Exxon Exec to Replace Retiring CEO Cazalot

Marathon Oil Corporation (NYSE:MRO) announced the retirement of Clarence Cazalot, Jr., chairman, president, and CEO after almost 14 years in the position. The board of directors appointed Lee Tillman, former executive at Exxon Mobil Corporation (NYSE:XOM) to succeed Cazalot effective August 1.

Marathon Oil Corporation

Cazalot will continue his role as executive chairman of the company until December 31, 2013. The board of directors of the company plans to nominate Dennis Reilly, lead director of Marathon Oil Corporation (NYSE:MRO) after Cazalot’s retirement.

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Cazalot stated that Tillman’s experience in the industry is beneficial for Marathon Oil Corporation (NYSE:MRO). He said, “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.”

“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,” added Cazalot.

Tillman said, “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.”

Marathon Oil Progress

He described Marathon Oil Corporation (NYSE:MRO)’s progress in moving from an integrated company into an independent exploration and production company over the past two years as exceptional. He said, “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.”

Prior to his appointment to serve as chief of Marathon Oil Corporation (NYSE:MRO), Tillman served as vice president of engineering at ExxonMobil Development Company. He supervised the global engineering staff responsible in selecting major project concepts, front-end designs, and engineering.

He started his career in the oil and gas industry in 1989 as a research engineer at Exxon Mobil Corporation (NYSE:XOM). He has an extensive leadership and operations management experience from his various assignments including in Jakarta, Indonesia; Aberdeen, Scotland; Stavanger, Norway; Malabo, Equatorial Guinea; Dallas and New Orleans.

Tillman 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.