Occidental Petro annonced Steve Chazen will remain as CEO through 2014 (OXY) 86.66 : Co announces that Steve Chazen will continue to serve as Chief Executive Officer through the end of 2014 with the Board's full support. Chazen immediately assumes responsibility for all of the co's operations, including Oxy's international operations. Chazen will assist the Board with its ongoing succession process and will work with the Board on corporate strategy, succession planning, executive compensation and talent development.
I remember when Irani took over and divested all of Armand Hammers diverse and non-strategically aligned sacred cow projects. He used the revenue to retire debt and rebuild the asset base to optimize returns based on the market situation at that moment. Now I hope Chazen will do the same thing. I guess Ol' Ray just forgot about his own formula for success.