Summary
Occidental Petroleum Corporation (OXY) announced on January 7, 2020, a significant addition to its Board of Directors. Effective March 1, 2020, the company expanded its Board size from 10 to 11 directors to accommodate the appointment of Andrew Gould. Mr. Gould brings extensive experience to OXY, having served as Chairman and CEO of Schlumberger Limited for nearly a decade and holding leadership roles at BG Group. His appointment is expected to bolster the company's strategic and operational insights, particularly given his deep background in the oil and gas sector and current board positions with Saudi Aramco and BJ Services. This strategic move signals a commitment by Occidental to leverage seasoned industry leadership. While Mr. Gould's specific committee assignments are pending, his compensation will align with the company's standard non-employee director program. Investors should view this as a positive development, indicative of OXY's focus on strengthening its governance and tapping into valuable expertise to navigate the dynamic energy market.
Key Highlights
- 1Occidental Petroleum appointed Andrew Gould to its Board of Directors, effective March 1, 2020.
- 2The Board size was increased from 10 to 11 directors to facilitate Mr. Gould's election.
- 3Andrew Gould possesses over 40 years of experience in the oil and gas industry, including significant leadership roles at Schlumberger and BG Group.
- 4Mr. Gould currently serves on the Boards of Saudi Aramco and BJ Services.
- 5His appointment is intended to enhance the company's strategic direction and operational oversight.
- 6Mr. Gould will receive compensation in line with Occidental's non-employee director compensation program, including equity awards and retainer fees.