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HOUSTON -- Willie Chiang, vice president of ConocoPhillips' refining and marketing division, will retire once the petroleum giant splits into two companies next year.
The news followed recent word last month that the company named Greg Garland as chairman and chief executive of the future independent oil company. As CSNews Online reported Thursday the refining and marketing division will be named Phillips 66 once the spinoff is complete.
Garland is currently senior vice president of ConocoPhillips' Americas exploration and production arm. However, several investors and analysts believed Chiang would get the job that went to Garland.
"Willie Chiang…has elected to retire when the repositioning is completed in the second quarter of 2012," Conoco spokesperson John Roper told MarketWatch in an e-mail.
Chiang will stay on in his current role until the spinoff is completed. ConocoPhillips has repeatedly said that will happen in the second quarter of 2012. "[Chiang] is a valued member of our executive team and will continue to be fully engaged as ConocoPhillips repositions into two leading energy companies," Roper told the news website.
Chiang is not the first to announce his retirement once the spinoff is complete. CSNews Online reported in Julythat Conoco Phillips CEO James Mulva also said he would retire at that time.