Occidental Petroleum Corporation (NYSE:OXY): Closing price $88.09
The shareholder advisory firm Glass Lewis has taken back its initial recommendation for a vote opposing Executive Chairman Ray Irani after the company clarifyied its plans for Chief Executive Steve Chazen’s replacement. Occidental had been forced earlier in April to deny a “fight at the top” between the two executives. Glass Lewis had originally feared that the continued presence of 78-year-old Irani on the board as chairman might deter Occidental from finding a replacement for Chazen, but with the latter, like Irani, now ready to stay on until the end of 2014, the point became moot, said Glass Lewis.
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