GO
Loading...

Marathon Oil Taps Exxon Mobil Executive as Next CEO

Sean Tracz
Jeff Kowalsky | Bloomberg | Getty Images
Sean Tracz

Marathon Oil tapped an Exxon Mobil executive to become its next CEO when Clarence Cazalot retires at the end of the year.

Lee Tillman, Exxon Mobil's vice president of engineering, will take the top post at the energy exploration company in January 2014, Marathon Oil said Thursday.

Tillman's experience in some of the world's most complex energy fields, including Norway, Scotland and Indonesia, will help Marathon Oil as it works to expand its operations in Canada's oil sands, America's shale fields, and in Iraq and Angola.

Tillman, 51, has worked at Exxon Mobil since earning a Ph.D. at Auburn University. A chemical engineer by training, he is a car enthusiast and once said in an interview that as a child he dreamed of racing Formula 1 cars.

Dennis Reilley, Marathon Oil's current lead director, will be nominated to become nonexecutive chairman once Cazalot retires, the company said.

In 2011, Houston-based Marathon Oil spun off its refining unit into Marathon Petroleum.

Shares of Marathon Oil rose 1.5 percent to $33.90 in morning trading. (Click here to track the company's stock.)

—By Reuters

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Chad Devereaux examines bricks on Nov. 6, 2011, that fell from three sides of his in-laws' home in Sparks, Oklahoma, after two earthquakes hit the area in less than 24 hours.

    "Oklahoma is the most striking case, where the number of earthquakes is now at record levels," says a USGS official.

  • Private Jet

    Like migrating birds, private jet setters follow a basic instinct when it comes to their flight paths: They follow better weather.

  • Fake Apple Watches... can you tell the difference?

    CNBC's Eunice Yoon reports Apple Watch is officially available today but already fake watches are hitting the streets.

U.S. Video