Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Occidental Petroleum Corporation    OXY

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Occidental Petroleum Corporation : Occidental CEO to Stay Through 2014; Unveils Compensation and Governance Changes

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/29/2013 | 02:43pm CEST
   By Saabira Chaudhuri 
 

Occidental Petroleum Corp. (OXY) said Steve Chazen will continue to serve as its chief executive through the end of 2014 as it unveiled a slew of changes to its corporate governance and compensation policies.

The move follows the company's February announcement that it would search for a new CEO, which fueled increasing shareholder discontent.

Mr. Chazen had said he wasn't looking to go, and some investors wanted him to stay. Earlier this month, The Wall Street Journal reported Matrix Asset Advisors Inc.'s concerns that the decision to replace the longtime company executive was driven by personal differences between Mr. Chazen and Executive Chairman Ray Irani--who was previously Occidental's CEO--not disagreements over corporate strategy or poor company performance.

In Monday's statement, Occidental said Mr. Chazen would stay on "with the board's full support," reflecting the "extensive feedback the company has received from shareholders, who also indicated a strong desire to move forward with other corporate governance and executive compensation changes."

Occidental said Mr. Chazen will assist the board with its ongoing succession process and will work with it on corporate strategy, succession planning, executive compensation and talent development.

Meanwhile, Mr. Chazen said the announcement is "consistent" with his personal plans, adding he supports the board's efforts to find a successor and will work with them to ensure an orderly transition.

Mr. Chazen also said he has had a "productive partnership" with Mr. Irani for the past 20 years, and that he and the board "look forward to calling on Ray for advice, counsel and help in advancing the company's business interests."

Also on Monday, Occidental unveiled changes to its corporate governance and its director and executive compensation policies. The changes include having an independent director serve as chairman, rotating the chairs of each board committee and the independent chairman at least every five years, and adding at least two new independent directors to its board.

The company also said it will adopt a policy going forward that former CEOs of the company won't be eligible to serve on the board.

Mr. Irani's fate wasn't mentioned in Monday's release.

Occidental also said it will cut its annual share grant to non-employee directors by at least 20%, starting "immediately" and that director compensation levels will be revised to be in line with peers.

Shares edged up 44 cents to $87.10 in recent premarket trading. The stock has risen 13% so far this year.

Write to Saabira Chaudhuri at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on OCCIDENTAL PETROLEUM CORPO
05/18 OCCIDENTAL PETROLEUM CORPORATION (NY : OXY) Files An 8-K Submission of Matters t..
05/18 OCCIDENTAL PETROLEUM CORP /DE/ : Submission of Matters to a Vote of Security Hol..
05/18 OCCIDENTAL PETROLEUM CORPORATION : Post Earnings Coverage as Occidental's Q1 Net..
05/13 OCCIDENTAL PETROLEUM : CalPERS' Climate Risk Reporting Proposal Passes at Occide..
05/13DJOccidental Holders Back Climate Review -- WSJ
05/12 BlackRock switch helps pass 'historic' climate measure at Occidental
05/12DJOccidental Shareholders Vote for Climate Proposal -- Update
05/12DJOccidental Shareholders Vote for Climate Proposal
05/11 OCCIDENTAL PETROLEUM : Announces Dividend
05/11 OCCIDENTAL PETROLEUM : CalPERS Urges Investors to Vote for Climate Change Report..
More news
Sector news : Oil & Gas Exploration and Production - NEC
05/17 Australian firms say proposed anti-bribery laws may hamper overseas investmen..
05/15 TSX advances as banks, energy power broad rally
05/15DJMARKET SNAPSHOT : Stock Market Sets Fresh Records As Oil Rallies
05/15DJMARKET SNAPSHOT : Stock Market Sets New Records As Oil Rallies
05/15DJMARKET SNAPSHOT : Stock Market Trades Near Records As Oil Rallies On Talk Of Out..
More sector news : Oil & Gas Exploration and Production - NEC
News from SeekingAlpha
05/22 YPF's Maxus Energy gets court OK for Chapter 11 plan
05/22 HARTSTREET LLC : Big Permian Well Result Might Cause A Bullish Reversal In This ..
05/22 My 83 Stock Portfolio Requirements And Listing Of Do Not Sell, Core And Specu..
05/17 Higher U.S. Shale Production Will Drive E&P Earnings Lower
05/15 Chevron investors pull bid for climate change proposal
Advertisement
Financials ($)
Sales 2017 12 839 M
EBIT 2017 1 933 M
Net income 2017 815 M
Debt 2017 7 842 M
Yield 2017 5,03%
P/E ratio 2017 58,59
P/E ratio 2018 37,56
EV / Sales 2017 4,22x
EV / Sales 2018 3,89x
Capitalization 46 364 M
More Financials
Chart OCCIDENTAL PETROLEUM CORPO
Duration : Period :
Occidental Petroleum Corpo Technical Analysis Chart | OXY | US6745991058 | 4-Traders
Full-screen chart
Technical analysis trends OCCIDENTAL PETROL...
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 73,5 $
Spread / Average Target 21%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Vicki A. Hollub President, Chief Executive Officer & Director
Eugene L. Batchelder Independent Chairman
Christopher G. Stavros Chief Financial Officer & Senior Vice President
John E. Feick Independent Director
E. Spencer Abraham Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
OCCIDENTAL PETROLEUM C..-14.87%46 364
CONOCOPHILLIPS-5.31%58 738
EOG RESOURCES INC-7.21%54 154
CNOOC LTD-4.97%52 425
WILLIAMS PARTNERS LP6.34%39 329
OIL & NATURAL GAS CORP..-5.56%35 792
More Results