So, I tried to read reports regarding the tussle over OXY's leadership and Board's denial of any issues with that. But looks like CEO Irani may or may not stay. Anyone knows what's happening and why the stock gets so volatile over who has the backing and who does not. Thanks in advance.
The price volatility over the leadership struggle is because it will determine the strategic direction on the company. CEO Chazen is very shareholder oriented. His ideas for unlocking value include getting out of loser middle east assets that Chairman Irani is responsible for creating and (mis)managing. That would render Irani irrelevant. Should'nt matter if, as stated, he intends to go in 2014. If he intends to stay, a vacancy in the CEO position would "force" his packed BOD to allow him to remain. They are trying hard to round up institutional investor support and proxy research firm endorsements to hang on to power. I understand they are not getting much of that support. Chazen represents long term shareholder value creation. Irani, a history of ourageous compensation including IRS issues in 2006. Google it and then vote your proxy accordingly. Chazen=good for longs. Irani and his packed board=God only knows. Ive been trading this since the Dr. Hammer days and seen it all before.