Transocean chairman voted out, $2.24/shr dividend backed

ZUG, Switzerland Fri May 17, 2013 12:44pm EDT

ZUG, Switzerland May 17 (Reuters) - Transocean Ltd said shareholders voted out Chairman Michael Talbert at the annual meeting on Friday and backed a nominee of activist investor Carl Icahn to replace him on the board of the world's largest offshore drilling contractor.

The company told the meeting in Zug, Switzerland, that shareholders also voted in favor of the board-proposed dividend of $2.24 per share, while rejecting a $4-per-share payout proposed by Icahn.

Icahn, after disclosing a 5.6 percent stake in Transocean in January, set out on a campaign to shake up the board and extract a higher dividend. Transocean had called his proposed dividend "unsustainable" and offered $2.24 per share in response.

Transocean said earlier this week that Talbert would step down later this year.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.