Occidental Reaches Deal With Icahn, Names Three New Directors
March 25 2020 - 9:45AM
Dow Jones News
By Colin Kellaher
Occidental Petroleum Corp. Wednesday said it has reached an
agreement with Carl Icahn, averting a proxy battle with the
billionaire activist investor.
The Houston energy company said it has named Icahn designees
Andrew Langham, Nicholas Graziano and Margarita Palau-Hernandez to
its board, effective immediately.
Meanwhile, current directors Spencer Abraham, Eugene Batchelder,
Margaret Foran and Elisse Walter will retire from the board at the
company's annual shareholder meeting.
Occidental said the changes, coupled with the recent return of
former CEO Stephen Chazen as chairman, will leave the board with 11
directors following the annual meeting, 10 of whom are
independent.
Occidental said Mr. Icahn has withdrawn his slate of director
nominees and shareholder proposals and agreed to vote in favor of
the company's director nominees.
Shares of Occidental, which closed Tuesday at $10.72, were up
6.3% in premarket trading Wednesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 25, 2020 09:30 ET (13:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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