Summary
Occidental Petroleum Corporation (OXY) announced on December 9, 2010, a change to its Board of Directors. The size of the Board was increased from 14 to 15 members to accommodate the election of Ms. Margaret M. Foran. Ms. Foran brings a strong background in governance and legal affairs, having served in senior roles at Prudential Financial, Inc., Sara Lee Corporation, and Pfizer Inc. Ms. Foran has been deemed independent by the company and the New York Stock Exchange. Her appointment is not subject to any specific arrangements or understandings with other parties, nor are there any reportable related-party transactions. As part of her non-executive director compensation, Ms. Foran will receive a pro-rata grant of 2,500 shares of restricted stock and will be compensated in line with other independent directors. This addition to the Board signals a commitment to diverse expertise and robust corporate governance.
Key Highlights
- 1Occidental Petroleum Corporation increased its Board of Directors size from 14 to 15 members.
- 2Ms. Margaret M. Foran was elected as a new director to the Board.
- 3Ms. Foran has a background as Chief Governance Officer, Vice President and Corporate Secretary of Prudential Financial, Inc.
- 4Prior experience includes General Counsel and Corporate Secretary roles at Sara Lee Corporation and Pfizer Inc.
- 5The Board has determined Ms. Foran meets independence standards per NYSE and company guidelines.
- 6Ms. Foran received a pro-rata grant of 2,500 restricted stock shares.
- 7Ms. Foran will receive compensation consistent with other non-employee directors.