The proxy fight is unlikely to stop the Anadarko deal, but would influence the pace and direction of billions of dollars of asset sales that will result after the acquisition closes.“None” of Icahn’s nominees “possess skills, experience or expertise that are additive or superior to our existing directors,” wrote Occidental chief executive officer Vicki Hollub and chairman Eugene Batchelder in a letter to shareholders.
The hedge fund further described the two directors’ pay as excessive and called the Anadarko purchase a “de facto poison pill to ensure Oxy remains a stand-alone company, thus ensuring Hollub and Batchelder keep their jobs, power, and lucrative compensation.”
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