Occidental to Keep CEO in Place Through 2014

By Eric Volkman – Apr 29, 2013 at 10:57PM

NYSE: OXY

Occidental Petroleum

Market Cap

$60B

Today's Change

(0.82%) $0.55

Current Price

$67.88

Price as of April 25, 2024, 4:00 p.m. ET

Steve Chazen's job now looks much more secure than it did only recently.

It seems that Occidental Petroleum (OXY 0.82%) will not be getting a new CEO in the immediate future. The company has issued a statement saying that current CEO Steve Chazen will remain in his post through 2014. This despite its announcement in February that it had retained executive search specialists to find a replacement for him.

Speculation has been rife that the company's board, captained by ex-CEO and current Chairman Ray Irani, has been eager to relieve Chazen of his duties. Several weeks ago, Occidental issued a statement categorically denying that there was a "fight at the top" over the matter.

In addition to making its pronouncement about Chazen's job security in this latest statement, the firm also announced several measures seemingly aimed at leavening criticism from shareholders. Among other moves, it plans to cut pay for the CEO and the directors and ensure that the chairman and at least two directors will be independents.

Fool contributor Eric Volkman has no position in Occidental Petroleum, and neither does The Motley Fool. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.