It's rare for chairmen to lose their jobs, but today's shareholder meeting may mark the end for...

It's rare for chairmen to lose their jobs, but today's shareholder meeting may mark the end for Occidental Petroleum (OXY +3.4%) Chairman Ray Irani after a nearly 30-year legacy at the oil and gas producer. Irani could wind up with a consulting contract with OXY through the end of 2014, says a person familiar with the board’s thinking, particularly given his Middle East contacts.