Occidental Petroleum Corporation (OXY) announced that as part of the Company’s succession planning process, the Board has formed a search committee to undertake a review of internal and external candidates to succeed President and Chief Executive Officer, Mr. Stephen I. Chazen, with the assistance of a leading executive search firm. The Company has not set a timetable for completion of the search. As previously announced, Dr. Ray R. Irani, who continues to serve as Executive Chairman, will retire at the end of 2014.
“Succession planning and best corporate governance practices have been a high priority for the Board over the past number of years,” said Director Margaret Foran. “We look forward to a thoughtful and smooth process that will yield the best result for Oxy and all of its constituencies.”