Occidental Reaches Deal With Icahn, Names Three New Directors
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 Icahn has withdrawn his slate of director nominees and shareholder proposals and agreed to vote in favor of the company's director nominees.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.
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