Occidental (OXY) Sees Opening Delay as ISS Recommends Against Chair Re-election
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Occidental Petroleum Corp. (NYSE: OXY) saw a delay in opening today on an order imbalance following reports that Institutional Shareholder Services (ISS) recommended against re-election of chairman Ray Irani or lead director Aziz Syriani.
The WSJ reports that ISS, an influential proxy advisor, made the recommendation following rising shareholder discontent over potential management changes following ousting of CEO Stephen Chaze in February. Chaze said he wasn't ready to go and some large shareholders wanted the executive to stay.
Notably, Occidental was lobbying ISS for support amid the recommendation.
Occidental is up 3.3 percent in early trading Thursday.
The WSJ reports that ISS, an influential proxy advisor, made the recommendation following rising shareholder discontent over potential management changes following ousting of CEO Stephen Chaze in February. Chaze said he wasn't ready to go and some large shareholders wanted the executive to stay.
Notably, Occidental was lobbying ISS for support amid the recommendation.
Occidental is up 3.3 percent in early trading Thursday.
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