UPDATE 1-Occidental names Goldman Sachs banker as new CFO

Fri Jul 20, 2012 7:12pm BST

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(Adds background on new CFO and Occidental CEO, byline)

By Braden Reddall

July 20 (Reuters) - Occidental Petroleum Corp said on Friday that Goldman Sachs banker Cynthia Walker would take over as chief financial officer of the fourth-largest U.S. oil company next month, just over a year after another former banker took the reins at Occidental.

Walker, 35, was most recently a managing director at Goldman, where she worked for 12 years, including as a senior member of the Global Natural Resources Group in Houston and as part of the mergers and acquisitions team.

"As a result of her background in these areas, she is tailor made to serve as our CFO," said Occidental Chief Executive Stephen Chazen, who worked for 12 years at Merrill Lynch before joining Los Angeles-based Occidental as CFO in 1994.

Walker's appointment is effective Aug. 6. James Lienert, who has been CFO since taking over from Chazen in 2010, will become executive vice president for business support, with responsibility for supply chains and information technology.

Walker's entry into the upper ranks of the male-dominated oil industry comes only months after Sunoco Inc's Lynn Elsenhans stepped down as CEO.

The CFO post at Occidental's California rival, Chevron Corp , is also held by a woman, Pat Yarrington.

(Reporting by Braden Reddall in San Francisco; editing by John Wallace)

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