Occidental’s Irani Out as Investor Revolt Ends Rule
This article is for subscribers only.
Occidental Petroleum Corp. shareholders ejected Chairman Ray Irani from the board in a vote at their annual meeting today, ending the former chief executive’s almost three-decade run at the company.
According to preliminary results, Irani failed to get the majority of votes needed for him to retain his seat, the Los Angeles-based company said. Director Aziz Syriani submitted his resignation as of May 2, the company said in a filing. Edward Djerejian, a former U.S. ambassador to Israel and Syria, will become chairman and Spencer Abraham will be vice chairman.