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Breakingviews: Occidental's feud at the top

Wednesday, April 10, 2013 - 03:12

April 10 - Reynolds Holding and Christopher Swann discuss how Occidental committed a fundamental governance no-no by keeping its ex-CEO on the board.

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We're finding out that two heads are not necessarily better than one in corporate America that you -- is being an ex CEO. Who is on the board looking over the shoulder of the currency don't know that's a phenomenon that is playing out and -- really at Occidental Petroleum Chris what's going on there. Well let let you run me through this season long -- chief executive of the company -- -- -- to -- being extraordinarily well eight. And what went over to make it like started out -- -- -- his -- 900 million. An elastic wildest -- -- extremely well I chief exec to anyway I decided to keep him on as detective chairman. And now by the looks of things at least according to the Wall Street Journal he's been trying to push out his success. Right why did they keep -- Mon -- was it so this is kind of an unusual thing that you would see this is hasn't happened if you want to know what they wanted to have rather good reckless and the company raised about 60 his tenure I think that that this -- -- saint -- via via. But that's now we've seen this and all the what's rare we've seen in another context corporate America as well as in politics right. I'm the classic politically compliments Dmitry Medvedev the Russian president of you know that Vladimir Putin Lydia at his shoulder for the entire trying to use that president. Sitting in terms of corporate America we story in a -- with -- people for results they kept a long. Actually Clinton on the former chief executive chairman. And obviously when you take pay for this -- you want the power to accompany it if you have your former boss sitting looming if you -- -- to what possible. Right and know how do you see this playing -- and where things stand as it just sort of the borders decided. That it's gonna replace. Is a Collison is his name chase you chase and that other gonna replace him how they see it from playing at him and what and what happens to two Iran. Well Iran is and I had a four year tenure as chairman and but one thing we do know for sure it's -- -- announced that remember -- -- -- and he's finished and that and -- -- the risk that -- love it's not because you know he's extremely competent he's well liked -- and shareholders generally I was a capital reforms. It is not tenacity well I think might you know leading candidates part of -- there's not been able to do what is that we wanted to do -- -- Partly bad -- and I don't think it's very difficult to hold him responsible when he hasn't had the full range of power you know how is occidental performed. Compared whiz today ExxonMobil other companies and as it relates to what is this really hurt it or is it just chugging along the way it seemed such faith and took in mid 2011. Companies found about that. Percent safe if had a chunky sole and of course excellence of roughly flat for the same period. You know there's no doubt that something has gone wrong. The question is has -- in response. What's interest in him in this phenomenon. You know when somebody's gotta go they got to go on women don't go it causes all this tension. Will be looking at this and see what happens on in the meantime please stay tuned for more breaking views tomorrow.

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Breakingviews: Occidental's feud at the top

Wednesday, April 10, 2013 - 03:12