Occidental Elects new Non-Executive Chairman

Occidental Elects new Non-Executive Chairman

Occidental Petroleum Corporation (NYSE: OXY) announced today that Stephen I. Chazen, the Chairman and Chief Executive Officer of Magnolia Oil and Gas Corporation, effective March 18, 2020, has been elected to its Board of Directors as Chairman of the Board.

Mr. Chazen has more than 30 years of experience in the oil and gas industry. Prior to founding the NYSE listed Magnolia Oil and Gas Corporation in 2018, Mr. Chazen served as Chief Executive Officer of Occidental from 2011 to his retirement in 2016 and as a director from 2010 to 2017.

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Three New Directors Appointed to Board in Addition to New Chairman

Occidental Petroleum Corporation (“Occidental” or the “Company”) (NYSE: OXY) further announced today that it has entered into an agreement with Carl C. Icahn and affiliated entities (the “Icahn Group”) to add three new Icahn designated directors to Occidental’s Board.

Pursuant to the agreement, effective immediately Andrew Langham, Nicholas Graziano and Margarita Paláu-Hernández have been appointed to Occidental’s Board of Directors (the “Board”) as new independent directors.

Existing directors Spencer Abraham, Eugene Batchelder, Margaret M. Foran and Elisse B. Walter will retire from the Board effective at the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”). With today’s appointments and planned retirements and the previously announced appointment of Stephen I. Chazen as Chairman of the Board, following the 2020 Annual Meeting of Stockholders, the Board will be comprised of 11 directors, 10 of whom are independent.

“We are pleased to reach this agreement with Carl Icahn, and we look forward to working with Carl Icahn’s Board members and the rest of the Board and management as a team to navigate the current difficult environment,” said Stephen I. Chazen, Chairman of the Board.

Carl C. Icahn commented: “We believe Oxy is a good company with good assets. We are pleased to have reached this settlement and can now focus on working with Steve Chazen to enhance value for all Oxy stockholders.”

Source / More information : Occidental Petroleum Corporation

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