Occidental Petroleum (NYSE:OXY) announced today that former Ambassador
Edward P. Djerejian will assume the role of Independent Chairman of the
Board of Directors, and former Energy Secretary Spencer Abraham the role
of Independent Vice Chairman. Both were elected by the Board.
Mr. Djerejian has served as an independent director of Oxy since 1996,
and most recently has chaired the Corporate Governance, Nominating, and
Social Responsibility Committee. He served in the Foreign Service for 32
years, and was twice appointed U.S. Ambassador, first to Syria, and
later to Israel. He is the founding director of the James A. Baker III
Institute for Public Policy at Rice University in Houston.
Mr. Abraham has served as an independent director of Oxy since 2005, and
most recently has chaired the Executive Compensation and Human Resources
Committee. He served as a United States Senator from Michigan, and later
as the U.S. Secretary of Energy. He is currently Chairman and CEO of The
Abraham Group LLC, an international strategic consulting firm.
Both have played important leadership roles on the Board for many years,
possess a keen understanding of Occidental’s businesses and strategy,
and bring a sophisticated global perspective to the Oxy Board.
“I am honored to lead the Occidental Board and look forward to working
closely with Spence and the other independent directors as we continue
to move the company forward and position Oxy for future success. The
Board is firmly committed to delivering on its commitments to
investors,” Mr. Djerejian said.
Stephen I. Chazen, President and Chief Executive Officer, said, “Ed’s
depth of experience, judgment, and understanding of our business
strategy make him the perfect choice to lead our Board. I look forward
to working closely with him and Spence and the full Board as we continue
pursuing long-term value creation for our shareholders.”
It was also announced that Mr. Aziz Syriani withdrew his nomination
prior to the election. The following directors have received majority
support: Mr. Spencer Abraham; Mr. Howard I. Atkins; Mr. Stephen I.
Chazen; Mr. Edward P. Djerejian; Mr. John E. Feick; Ms. Margaret M.
(Peggy) Foran; Mr. Carlos M. Gutierrez; and Mr. Avedick B. Poladian. In
addition, the proposals on executive compensation and ratification of
auditors both passed. The stockholder proposal to permit stockholder
action by written consent did not pass.
Dr. Ray R. Irani will step down from the Board. Mr. Chazen, on behalf of
the Board, thanked Dr. Irani for his 30 years of service to the Board
and company, and said he and the Board look forward to calling on him
for advice, counsel, and help in advancing the company’s business
interests.
“We thank Dr. Irani and Mr. Syriani for their exceptional contributions
to Oxy during a period of tremendous growth and shareholder return,” Mr.
Djerejian said.
About Oxy
Occidental
Petroleum Corporation (OXY) is an international oil and gas
exploration and production company with operations in the United States,
Middle East/North Africa and Latin America regions. Oxy is one of the
largest U.S. oil and gas companies, based on equity market
capitalization. Oxy's wholly owned subsidiary OxyChem manufactures and
markets chlor-alkali products and vinyls. Oxy is committed to
safeguarding the environment, protecting the safety and health of
employees and neighboring communities and upholding high standards of
social responsibility in all of the company's worldwide operations.
