Icahn calls recent actions by Occidental Petroleum board 'reprehensible'
In an open letter to Occidental Petroleum shareholders, Carl Icahn said, "We own over 33 million shares of Occidental Petroleum and we believe what recently happened in the OXY Boardroom is reprehensible. In over 50 years on Wall Street I have seen many management teams and boards callously disregard stockholder rights to protect their jobs, and in some cases, build corporate empires at the expense of shareholders, but I have only rarely seen a situation such as the one at Occidental, where the Board and Vicki Hollub, OXY's President and CEO, entered into an extremely risky transformational merger, without a stockholder vote...OXY has lost over $12 billion in market value since its interest in buying Anadarko was first reported...No management or board should be scrambling around to prevent a stockholder vote on a dangerous transformational transaction, but what makes OXY's actions even worse is management's egregious track record....We have commenced the process to remove and replace directors. It will be a long and expensive process for us, which is fine, insofar as we are concerned. But what is not fine, is how difficult this Board is making it for you to simply 'cast your vote.' Occidental's corporate governance regime empowers and entrenches management and the Board at the expense of stockholder rights. It is anything but stockholder democracy." Reference Link