Oil Patch Bits: Oxy elects career diplomat as chairman

A mere five days after posting a raft of changes designed to give independent directors more authority in guiding the company, Occidental Petroleum Corp. has ousted its former CEO Ray R. Irani, Ph.D., as chairman of the board. In Irani’s place, Oxy’s board has elected independent director Edward P. Djerejian as its new chairman. The directors also chose former Energy Secretary Spencer Abraham to serve as vice chairman.

An independent director of Oxy since 1996, Djerejian most recently chaired the board’s corporate governance, nominating and social responsibility committees. His 32-year career in the Foreign Service included two stints in the Middle East as U.S. ambassador, first to Syria and then to Israel. He is also the founding director of the James A. Baker III Institute for Public Policy at Rice University in Houston.

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