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Occidental Chairman May Get $38 Million If Forced Out

Occidental Petroleum Corp. Chairman Ray Irani may be eligible for a lump-sum severance payment of about $38 million and annual payments of $2.2 million if he is forced out by investors in a vote today.

Shareholders will decide at the company’s annual meeting in Los Angeles whether to keep Irani, the chairman since 1990. Cambiar Investors LLC and other Occidental investors have questioned his role in the board’s decision in February to replace Chief Executive Officer Stephen I. Chazen two years after he took over the job from Irani, 78.