California Resources Corporation announces Clio C. Crespy as new CFO, effective January 1, 2025, succeeding Nelly Molina.
Quiver AI Summary
California Resources Corporation (CRC) announced that Clio C. Crespy will join the company as Executive Vice President and Chief Financial Officer, starting January 1, 2025, succeeding current CFO Nelly Molina, who will step down at the year's end. Crespy has significant experience in investment banking, particularly in energy, power, carbon management, and sustainability, having served as Senior Managing Director at Guggenheim Securities and previously at Evercore and BNP Paribas. CRC's CEO, Francisco Leon, expressed enthusiasm for Crespy's appointment, highlighting her expertise in mergers and acquisitions, capital markets, and project finance as critical for the company's future. Crespy also expressed excitement about contributing to CRC's value creation efforts. CRC is focused on energy transition and environmental stewardship while developing carbon capture and storage projects.
Potential Positives
- California Resources Corporation has appointed Clio C. Crespy as the new Executive Vice President and Chief Financial Officer, effective January 1, 2025, which indicates a strategic leadership change aimed at strengthening the financial management of the company.
- Ms. Crespy brings significant experience in investment banking, particularly in energy, power, and carbon management, which aligns with CRC's focus on energy transition and sustainability.
- The transition follows a period of navigating significant financial changes, including the Aera merger, suggesting CRC's commitment to enhancing its financial strategy and leadership capabilities.
- The positive remarks from both the CEO and Ms. Crespy about upcoming value-creating initiatives reflect a proactive outlook for promoting shareholder value in the future.
Potential Negatives
- Leadership change with the stepping down of the current CFO might signal internal instability or uncertainty during a crucial transition period for the company.
- The emphasis on Clio C. Crespy's extensive background in investment banking rather than direct experience in energy management may raise concerns about her suitability to lead financial operations in a transitioning energy sector.
- The acknowledgment of significant past contributions from the outgoing CFO could highlight potential potential challenges for the new CFO in replicating or exceeding those achievements.
FAQ
Who is the new CFO of California Resources Corporation?
Clio C. Crespy will join CRC as Executive Vice President and Chief Financial Officer effective January 1, 2025.
Why is Nelly Molina stepping down as CFO?
Nelly Molina will be stepping down at the end of the year after contributing significantly to the Company.
What experience does Clio C. Crespy bring to CRC?
Ms. Crespy has extensive investment banking experience in energy, power, and carbon management, most recently at Guggenheim Securities.
How long has Clio C. Crespy worked in the finance sector?
Clio C. Crespy has an extensive background and has worked in the finance sector for many years, including roles at Evercore and BNP Paribas.
What is California Resources Corporation's main focus?
CRC is focused on energy transition, environmental stewardship, and developing carbon capture and storage projects for decarbonization.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CRC Insider Trading Activity
$CRC insiders have traded $CRC stock on the open market 10 times in the past 6 months. Of those trades, 1 have been purchases and 9 have been sales.
Here’s a breakdown of recent trading of $CRC stock by insiders over the last 6 months:
- NOELLE M. REPETTI (Senior VP and Controller) has traded it 2 times. They made 0 purchases and 2 sales, selling 18,770 shares.
- FRANCISCO LEON (President and CEO) has traded it 4 times. They made 0 purchases and 4 sales, selling 20,000 shares.
- CHRISTIAN S KENDALL purchased 20,895 shares.
- MARK ALLEN MCFARLAND has traded it 3 times. They made 0 purchases and 3 sales, selling 55,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CRC Hedge Fund Activity
We have seen 133 institutional investors add shares of $CRC stock to their portfolio, and 156 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CANADA PENSION PLAN INVESTMENT BOARD added 10,506,895 shares (+inf%) to their portfolio in Q3 2024
- PACER ADVISORS, INC. removed 3,368,580 shares (-100.0%) from their portfolio in Q2 2024
- OAKTREE CAPITAL MANAGEMENT LP added 2,046,753 shares (+inf%) to their portfolio in Q3 2024
- VANGUARD GROUP INC added 1,078,932 shares (+13.4%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 590,015 shares (+5.8%) to their portfolio in Q3 2024
- WEISS ASSET MANAGEMENT LP added 534,450 shares (+inf%) to their portfolio in Q3 2024
- FMR LLC removed 440,817 shares (-16.1%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
LONG BEACH, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC), an independent energy and carbon management company committed to energy transition, today announced that Clio C. Crespy will join the Company as Executive Vice President and Chief Financial Officer, effective January 1, 2025. CRC’s current CFO Nelly Molina will be stepping down at the end of the year.
Ms. Crespy brings to CRC an extensive background as an investment banker in energy, power, carbon management and sustainability. She most recently was Senior Managing Director, Investment Banking, Global Energy & Power at Guggenheim Securities, where she also led the sustainability practice. Previously, Ms. Crespy advised upstream energy companies and power producers on strategic and financial transactions at Evercore as Managing Director, and prior to that at BNP Paribas. She began her career at the World Bank and holds a Master’s degree in Finance and Strategy from Sciences Po, Paris.
“I have worked closely with Clio on some of our most significant initiatives over the last couple of years, including our Carbon TerraVault JV with Brookfield and DAC hub at Elk Hills, and am thrilled that she is joining our team,” said Francisco Leon, President and Chief Executive Officer of CRC. “She is a seasoned veteran at the center of both the oil and gas industry and the emerging carbon management business. With her deep and varied experience in M&A, capital markets, corporate finance and project finance, she will play a major role in setting our path and driving us forward. I also want to thank Nelly Molina for her contributions to the Company as we have bolstered our balance sheet and navigated the Aera merger.”
Ms. Crespy said, “Having worked closely with the CRC team, I am very excited about the value creating catalysts that the Company is pursuing and I look forward to helping create that value for CRC shareholders.”
About California Resources Corporation
California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions-reducing projects. For more information about CRC, please visit www.crc.com .
Contacts:
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Joanna Park (Investor Relations)
818-661-3731 [email protected] |
Richard Venn (Media)
818-661-6014 [email protected] |
