8-KLeadership ChangesExhibits & Filings

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Executive Changes (Dec 13, 2010)

Filed December 13, 2010For Securities:OXYOXY-WT

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.

Frequently Asked Questions

The size of the Board was increased from 14 to 15 directors specifically to elect Ms. Margaret M. Foran as a new member.

Ms. Foran has a significant background in corporate governance and legal roles, most recently serving as Chief Governance Officer, Vice President and Corporate Secretary of Prudential Financial, Inc. She also held executive legal positions at Sara Lee Corporation and Pfizer Inc.

Yes, the Board of Directors has determined that Ms. Foran is independent under both the New York Stock Exchange listing standards and Occidental's own Director Independence Standards.

Ms. Foran received a pro-rata grant of 2,500 shares of restricted stock for her abbreviated term and will receive the same annual retainer and meeting fees as other non-employee directors.