Transocean Ltd said shareholders voted out Chairman Michael Talbert at the annual meeting on Friday and backed a nominee of activist investor Carl Icahn to replace him on the board of the world's largest offshore drilling contractor.
_0">The company told the meeting in Zug, Switzerland, that shareholders also voted in favor of the board-proposed dividend of $2.24 per share, while rejecting a $4-per-share payout proposed by Icahn.
Icahn, after disclosing a 5.6 percent stake in Transocean in January, set out on a campaign to shake up the board and extract a higher dividend. Transocean had called his proposed dividend "unsustainable" and offered $2.24 per share in response.
Transocean said earlier this week that Talbert would step down later this year.