Summary
Occidental Petroleum Corporation (OXY) announced on July 20, 2009, a significant addition to its Board of Directors. The company increased its board size from 12 to 13 members to appoint former U.S. Secretary of Commerce, Carlos M. Gutierrez. This move brings a seasoned executive with a strong background in corporate leadership, having previously served as Chairman and CEO of Kellogg Company, to the board. Mr. Gutierrez has been deemed independent by Occidental's standards and NYSE listing requirements, indicating no conflicts of interest or undisclosed arrangements. His election is intended to leverage his extensive experience in business and public service to guide the company's strategic direction. Investors may view this as a positive step towards enhancing board expertise and governance.
Key Highlights
- 1Occidental Petroleum increased its Board of Directors size from 12 to 13 members.
- 2Carlos M. Gutierrez, former U.S. Secretary of Commerce, was elected to the Board.
- 3Mr. Gutierrez brings significant experience, having been Chairman and CEO of Kellogg Company prior to public service.
- 4He currently serves as a director for United Technologies and Corning Inc.
- 5The Board has determined Mr. Gutierrez meets independence standards under NYSE and Occidental's criteria.
- 6There are no disclosed arrangements or related party transactions involving Mr. Gutierrez.
- 7Mr. Gutierrez has not yet been appointed to any Board Committees.