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Executive changes at Occidental Petroleum

October 14, 2010 |  8:39 am

Occidental Petroleum announced Thursday that Stephen I. Chazen will succeed Ray R. Irani as chief executive of the nation's fourth-largest oil company next year at the company's 2011 shareholders meeting.

The decision as finalized at an Occidental board of director meeting Wednesday, the company said in a statement.

The changes were the result of shareholder indignation over Irani's executive-compensation package, which was more than $30 million in 2009.

Irani will continue to serve the company as full-time executive chairman until 2014, when he will retire.

Chazen joined Occidental in 1994 as executive vice president for corporate development. He was named chief financial officer in 1999, and was elected president and chief financial officer in 2007. Chazen was named president and chief operating officer in August.

-- Ronald D. White