ZUG, Switzerland May 17 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.