- NEW YORK: Occidental Petroleum, the fourth-largest US oil company, said return on equity incentive awards issued in 2008 to its then CEO and CFO will be settled in 50 percent cash and 50 percent shares, instead of 100 percent in cash.
The then Chief Executive Ray Irani and Chief Financial Officer Stephen Chazen would retain shares equivalent to the number of net after-tax shares received for at least three years.
According to Occidental’s annual filing with regulators, it increased stockholder’s equity by 11 percent last year and 42 percent from 2008-2010, periods when Irani was the CEO.
Irani earned $76.1 million in 2010, his last full year in the job in which he faced a shareholder revolt over pay.
Last October, the Los Angeles-based company said executive pay would be “substantially” cut and named Chazen to succeed Irani in the CEO post. Irani is to remain executive chairman through 2014.
Occidental’s compensation committee also increased grants of incentive awards for Chazen from last year’s grant following his elevation as the CEO.