Occidental Petroleum (OXY) CEO Irani Expected To Resign
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Occidental Petroleum Corp.'s (NYSE: OXY) long-time chief executive officer, Ray Irani is expected to announce his retirement at a board meeting in October, according to a report from the Wall Street Journal on Wednesday.
The 75-year old CEO has been under fire from investors recently over his compensation, as he was awarded pay of $52.2 million in 2009, the top for any CEO on the Journal’s annual pay survey. According to the report, Irani has made $857 million over the past decade.
The unnamed source cited by the Journal in the report said that Irani will likely divulge a date of sometime in 2011 to retire from his CEO position, but will remain as the company’s chairman for a few years.
An Occidental spokesman told the Journal that Irani’s pay "reflects his insightful leadership, his trusted international relationships and his proven performance.''
In May, the majority of the company’s shareholders rejected its pay policy, forcing the company to say it would review its policy and see what changes need to be made.
The investors are also unhappy with the board’s failure to announce a succession plan for the CEO position, as Irani has reached the retirement age for directors at Occidental. Earlier this year, the board waived the retirement age for Irani and two other directors.
The most likely successor to the CEO postion is seen as Stephen Chazen, 64, who was promoted to chief financial officer in August, and already holds the title of president of the company.
Shares of Occidental are up 2 percent to $74.55 in premarket trade on Wednesday.
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The 75-year old CEO has been under fire from investors recently over his compensation, as he was awarded pay of $52.2 million in 2009, the top for any CEO on the Journal’s annual pay survey. According to the report, Irani has made $857 million over the past decade.
The unnamed source cited by the Journal in the report said that Irani will likely divulge a date of sometime in 2011 to retire from his CEO position, but will remain as the company’s chairman for a few years.
An Occidental spokesman told the Journal that Irani’s pay "reflects his insightful leadership, his trusted international relationships and his proven performance.''
In May, the majority of the company’s shareholders rejected its pay policy, forcing the company to say it would review its policy and see what changes need to be made.
The investors are also unhappy with the board’s failure to announce a succession plan for the CEO position, as Irani has reached the retirement age for directors at Occidental. Earlier this year, the board waived the retirement age for Irani and two other directors.
The most likely successor to the CEO postion is seen as Stephen Chazen, 64, who was promoted to chief financial officer in August, and already holds the title of president of the company.
Shares of Occidental are up 2 percent to $74.55 in premarket trade on Wednesday.
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