Transocean Chair To Retire Following Pressure From Icahn

Law360, Los Angeles (May 13, 2013, 9:42 PM EDT) -- Transocean Ltd. Chairman J. Michael Talbert announced Monday that he will retire no later than November, following attacks by activist insider Carl Icahn accusing him of not not delivering strong returns to shareholders despite the company's success in the marketplace.

Talbert said he would step down within six months if re-elected at the company's annual general meeting Friday. Icahn, who is the company’s single-largest shareholder and involved in a proxy fight to oust its leadership, told shareholders in an open letter that Talbert's announcement was “a...
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