Who is Gary Hu and why has he been appointed to the Board?

Gary Hu has been appointed to the Board of Directors of Occidental Petroleum as a designee of the Icahn Group, as per a prior Director Appointment and Nomination Agreement. He is also appointed to serve on the Advisory Committee and the Audit Committee. Mr. Hu has a background in investment management, including his current role as a Portfolio Manager at Icahn Capital L.P.

Why did Nicholas Graziano resign from the Board?

Nicholas Graziano resigned from the Board of Directors effectively February 9, 2021. The filing explicitly states that his resignation was not a result of any disagreement with Occidental or any matter relating to the company's operations, policies (including accounting or financial policies), or practices.

How will Gary Hu be compensated for his board service?

As a non-employee director, Mr. Hu will be compensated according to Occidental's standard program for such directors. This includes receiving a pro rata portion of the common stock equity award granted to non-employee directors for the 2020-2021 period, as well as a pro rata portion of the retainer paid to non-employee directors for the same period.

What is the significance of the Icahn Group's director designation?

The Icahn Group, through their director designation rights outlined in a March 25, 2020 agreement, has placed Gary Hu on the board. This indicates continued involvement and influence from the Icahn Group in Occidental Petroleum's governance, with Mr. Hu's appointment replacing another designee, Nicholas Graziano.

OXY/OXY-WT 8-K: Leadership Changes

Summary

Occidental Petroleum Corporation (OXY) announced a change to its Board of Directors on February 10, 2021, reporting an election and an appointment effective February 9, 2021. Gary Hu has been elected to the Board and appointed to both the Advisory Committee and the Audit Committee. Mr. Hu's appointment is in accordance with a prior agreement with the Icahn Group, who designated him for the board seat. This change involves the replacement of Nicholas Graziano, also an Icahn Group designee, who has resigned from the Board. Mr. Graziano's resignation is stated to be without any disagreement regarding the company's operations or financial policies. Mr. Hu brings a background in investment management, previously holding roles at Icahn Capital, Silver Point Capital LP, and Stockbridge Investors, and will be compensated according to Occidental's standard non-employee director compensation program.

Key Highlights

1Gary Hu appointed to Occidental Petroleum's Board of Directors.
2Mr. Hu appointed as a member of the Advisory Committee and the Audit Committee.
3Appointment is a result of a director designation by the Icahn Group.
4Nicholas Graziano, an Icahn Group designee, has resigned from the Board.
5Mr. Graziano's resignation is not due to any disagreements with the company.
6Mr. Hu has a background in portfolio management and investment roles at firms including Icahn Capital and Berkshire Partners.
7Mr. Hu will receive standard compensation for non-employee directors, including equity and retainer fees.

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Executive Changes (Feb 10, 2021)

Summary

Key Highlights

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