Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.Francisco J. Leon was appointed Executive Vice President and Chief Financial Officer ofCalifornia Resources Corporation (the "Company") effective as ofAugust 14, 2020 .Mr. Leon , age 43, has been the Company's Executive Vice President,Corporate Development & Strategic Planning sinceJanuary 2018 . Prior to that, he served as Vice President - Portfolio Management and Strategic Planning sinceDecember 2014 .Mr. Leon holds an M.B.A. from theUniversity of Texas ,Austin and a bi-national Bachelor of Arts degree in International Business fromSan Diego State University and CETYS Universidad inMexico .Marshall D. Smith , formerly Senior Executive Vice President and Chief Financial Officer, left the Company effective as ofAugust 14, 2020 .Mr. Smith's departure from the Company did not result from any disagreement or difference of opinion with the Company with respect to its internal controls, financial statements, audit scope limitations, audit reports, management representations or otherwise connected in any way with its financial controls or audit procedures. In connection with his departure,Mr. Smith entered into a separation agreement and general release with the Company. As part of that agreement, he also agreed to provide transition services as a consultant to the Company for two months for a monthly fee of$30,000 . The foregoing description is qualified in its entirety by the terms of the separation agreement and general release, which is filed as Exhibit 10.1 to this current report on Form 8-K and is incorporated by reference into this Item 5.02. The Company would like to thank Mark for his years of service and wish him well in his retirement. Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Separation Agreement and General Release. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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