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Occidental Petroleum CEO to Step Down

Occidental Petroleum CEO Ray Irani will step down as CEO effective at next May's annual stockholders meeting.
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NEW YORK (TheStreet) -- Occidental Petroleum's (OXY) - Get Occidental Petroleum Corporation Report CEO Ray Irani will step down as CEO effective at next May's annual stockholders meeting, but continue as full-time executive chairman.

Irani also said he intends to retire at the end of 2014.

Irani will be succeeded as CEO by Chief Operating Officer Stephen Chazen, Occidental said in a statement Thursday.

As executive chairman, Irani will focus primarily on corporate strategy, Middle East operations and international business development.

The

Financial Times

reported Thursday that

Irani's $52 million pay package

last year made him one of the most lavishly compensated executives in corporate America. His pay pay came under heavy criticism from some prominent institutional shareholders.

See Who Owns Occidental Petroleum >>

-- Written by Andrea Tse in New York.

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