Occidental Petroleum Corp. (Oxy) Chairman Ray Irani on Friday withdrew as a nominee to serve another term on the board of directors, and he was a no-show for the company’s annual meeting in Santa Monica, CA, Oxy said.
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Occidental Petroleum Corp. (Oxy) Chairman Ray Irani withdrew as a nominee to serve another term on the board of directors, and he was a no-show for the company’s annual meeting in Santa Monica, CA, on Friday (May 3), Oxy said. Edward Djerejian, a former U.S. diplomat who served as an ambassador to Israel and who is a former assistant secretary of State, is assuming the role of independent chairman. He has been an independent director since 1996. Spencer Abraham, the former secretary of Energy for President George W. Bush, was elected independent vice chairman. Irani, 78, had worked at Oxy since 1978, taking over as chairman and CEO in 1990 after founder Armand Hammer died. Irani, who had planned to retire in 2014, had turned over the CEO post two years ago to Steve Chazen, 66, who had served in the executive suite since 1994. Earlier this year Irani had attempted to oust Chazen, which led to criticism by major shareholders. However, days ago the board said Chazen would remain CEO through 2014 “with full board support.”
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