Transocean shareholders oust chairman

AP News
Posted: May 17, 2013 3:31 PM

NEW YORK (AP) — Transocean Ltd. shareholders have voted out the oil drilling company's chairman and backed one of the nominees put forth by billionaire investor Carl Icahn.

But the oil drilling said Friday that its stockholders decided against Icahn's proposal for a $4 dividend.

Under intense pressure from Icahn, J. Michael Talbert had already said that he would retire as chairman by November. He had been Transocean's CEO from 1994 to 2002.

Icahn, who holds a 5.6 percent stake in Transocean, was seeking several changes. He had nominated three board nominees and pushed for a $4 dividend. He had said that Transocean must replace the board members that helped create its "failed capital allocation strategy", including Talbert.