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Marathon Said to Join Oil CEO Search as Bid War Looms: Energy

A wave of shareholder rebellions and executive retirements that’s left at least six North American oil and gas companies searching for chief executive officers is leading toward a bidding war for the industry’s best leaders.

Marathon Oil Corp. joined the ranks of companies trying to fill vacancies at the top after the expected heir to its current CEO resigned in December, according to two people familiar with the search who asked not to be identified because the matter is private. The growing competition for CEOs among companies including Occidental Petroleum Corp. and Chesapeake Energy Corp. may drive up salaries in executive suites as boards attempt to woo away proven talent and retain their own manager bench.