Occidental plans to name former CEO Chazen as chairman: WSJ By Reuters

© Reuters.

(Reuters) – Oil and gas producer Occidental Petroleum Corp (N:) is planning to name former Chief Executive Officer Stephen Chazen as its new chairman, WSJ reported https://on.wsj.com/33xeJJ7 on Thursday, citing people familiar with the matter.

Chazen’s appointment could be announced in the coming days, assuming discussions don’t fall apart, the report said.

The move, according to the report, is being considered to appease billionaire investor Carl Icahn, who has been waging a bitter battle with Occidental’s board over its $38 billion acquisition of Anadarko Petroleum (NYSE:).

Ichan had last year asked Chasen to be one of his board director nominees.

Last week, Icahn raised his stake in the company to nearly 10% from 2.53% at the end of 2019 and once again pushed for an overhaul of the oil and gas producer’s board.

In response, Occidental had said it will issue a shareholder rights offering, known as a “poison pill” to stop investors from amassing more than a 15% stake.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.