Los Angeles, Ca., USA - October 14, 2010, Los Angeles, Ca., USA - Occidental Petroleum Corporation announced that Ray R. Irani will step down from the position of chief executive officer, effective May 2011, but to continue as executive chairman.
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Dr. Ray R. Irani has been Chairman and Chief Executive Officer of Occidental Petroleum Corporation since 1990 and held the additional title of President from 2005 to 2007. He has been a Director of the company since 1984, and served as President and Chief Operating Officer of Occidental from 1984 to 1990. Dr. Irani joined the company in 1983 as Chairman and Chief Executive Officer of Occidental Chemical Corporation.
He served as Chairman of the Board of Canadian Occidental Petroleum Ltd. (now Nexen Inc.) from 1987 to 1999. Prior to working for Occidental, Dr. Irani was President, Chief Operating Officer and a Director of Olin Corporation. Dr. Irani is a director of the American Petroleum Institute and serves on the boards of directors of The TCW Group and Wynn Resorts.
He is a Trustee of the University of Southern California and Chairman of USC’s Board Personnel Committee, and Vice Chairman of the Board of the American University of Beirut.
President and Chief Operating Officer Stephen I. Chazen will succeed Dr. Irani as Chief Executive Officer at the 2011 Annual Meeting and that at that time, Dr. Irani will transition to a new full-time role of Executive Chairman, to focus primarily on corporate strategy, Middle East operations and international business development. Dr. Irani also informed the Board of his intention to retire at the end of 2014.
Mr. Chazen has been the President and Chief Operating Officer of Occidental Petroleum Corporation since 2010. Prior to being named President and Chief Operating Officer, Mr. Chazen was President and Chief Financial Officer from 2007 to 2010, CFO and Senior Executive Vice President from 2004 to 2007, CFO and Executive Vice President-Corporate Development from 1999 to 2004, and Executive Vice President-Corporate Development from 1994 to 1999.
Prior to joining Occidental, Mr. Chazen was a Managing Director and Head of Corporate Finance at Merrill Lynch. Mr. Chazen has been a member of the boards of Lyondell Chemical Company, Premcor Inc. and Washington Mutual, Inc. ■
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