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%, to close at $90.76.
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