Occidental Petroleum Gets a New Chairman

Changes are afoot in the boardroom of Occidental Petroleum (NYSE: OXY  ) . The company announced that Chairman Ray Irani is to step down from his position. His replacement is the independent Edward Djerejian.

Irani, a former Occidental CEO, was a figure of controversy for his perceived attempts to replace current Chief Executive Stephen Chazen. Several days ago, the company issued a statement saying that Chazen will remain in his post through next year.

Djerejian is a longtime director at Occidental, having occupied a seat in the boardroom since 1996. He has chaired the firm's corporate governance, nominating, and social responsibility committees.

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9/26/2016 10:17 AM
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Occidental Petrole… CAPS Rating: ****