Occidental Petroleum Corp. is reportedly planning to tap Stephen Chazen, the Houston-based company’s former CEO, to serve as its board chairman.

The appointment is being considered to appease Carl Icahn, the billionaire investor who has been battling the Occidental board over its 2019 acquisition of rival Anadarko Petroleum, the Wall Street Journal reported on March 18. Citing people familiar with the matter, the report said his appointment could be announced in the coming days, assuming discussions don't fall apart.

Chazen, who retired from Occidental in April 2016 after roughly five years at its helm, had previously been approached by Icahn to be one his director nominees to the Occidental board. He currently serves as chairman and CEO of Magnolia Oil & Gas Corp., an independent oil producer with assets located in the Eagle Ford Shale and Austin Chalk formations in South Texas.

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