May 5 (Reuters) - Occidental Petroleum Corp said on Tuesday that executive Vicki Hollub will replace Chief Executive Steve Chazen after "a thorough transition period."
As part of the announcement, Oxy said Hollub would be promoted immediately to senior executive vice president from vice president.
Chazen, who has been CEO since 2011, said he would help Hollub take the top job "when she is ready to take it on."
Oxy also boosted its annual dividend 4 percent on Tuesday to $3.
(Reporting by Ernest Scheyder; Editing by Ted botha)
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