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In February, Occidental announced that it would start looking for a replacement for Chazen. Last month the company said that its independent directors believed that "now is the time to seek new leadership to be in place for the longer term." Last week Occidental announced that Chazen would remain CEO through next year and help in the search for his successor. The new chairman, Djerejian, has been on the Oxy board since 1996. He is a founding director of the James A. Baker III Institute for Public Policy at Rice University. Abraham, who was elected to the Senate from Michigan and was Energy Secretary under President George W. Bush, has been an Oxy director since 2005 and chaired the executive compensation committee. He runs a strategic consulting firm. In April the company quoted Abraham as saying that Occidental was "committed to revising its executive compensation program to reflect shareholder feedback" and align it with pay at peers. Occidental shares rose $2.67, or 3 percent, to close at $90.76.
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