A report from the Wall Street Journal citing sources familiar with the matter at hand states, Occidental Petroleum Corp plans on naming former Chief Executive Officer Stephen Chazen as its new chairman.
Provided discussions don’t fall apart, Chazen’s appointment is likely to be announced in the coming days.
According to the report, the move 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.
In 2019, Ichan had asked Chasen to be one of his board director nominees.
Last week, “Icahn had 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” states the report.
In response to Icahn’s move, Occidental had said it will issue a shareholder rights offering, to stop investors from buying more than a 15% stake in the company.