OCCIDENTAL TO REDUCE SIZE OF BOARD
LOS ANGELES, Feb. 11 /PRNewswire/ -- Occidental Petroleum Corp. announced today that its board of directors adopted a resolution to amend the company's certificate of incorporation to allow the board to reduce its size to a minimum of 10 directors and a maximum of 14. The size of the board currently can range from 14 to 17 members. The amendment will be submitted to shareholders for approval at the company's annual meeting on April 28. Dr. Ray R. Irani, chairman, president and chief executive officer, said, "Over the last two years, we have reduced the size of Occidental to sharpen our focus on our core businesses of oil, natural gas and chemicals. Reducing the size of the board is consistent with a smaller, more focused Occidental." Currently, Occidental's board is comprised of 15 directors, 10 of whom are outside directors. Last year, there were 17 directors. The reduction to the current number is because of the death of one director last year and the retirement of one Occidental officer who served on the board. The retirement of David A. Hentschel, chairman and chief executive officer of Occidental Oil and Gas Corp., was announced today and will be effective April 30. He will not stand for re-election as a director at the April 28 stockholder meeting, and the number of board members will be reduced to 14.
The board's audit, compensation, environmental and nominating committees are comprised of only outside directors.
-0- 2/11/93 /CONTACT: Howard Collins (media), 310-443-6523, Kenneth J. Huffman (investors), 212-603-8183, both of Occidental/ (OXY)
CO: Occidental Petroleum Corp. ST: California IN: OIL SU:
MS -- LA021 -- 5720 02/11/93 12:47 EST
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|Date:||Feb 11, 1993|
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