Occidental to pay former CEO $14M to settle termination

Bloomberg reports that Occidental Petroleum Corp. has agreed to pay former chairman Ray Irani $14 million as part of a settlement for his separation from the company.

Irani, whom shareholders ejected from the board in a vote at their annual meeting in May, will continue receiving lifetime security and tax-preparation services estimated at as much as $1.3 million a year. The total pretax cost of the settlement is estimated at $26 million plus as much as $1.3 million in annual costs.

Irani, who joined Occidental Petroleum in 1983, earned more than $45.6 million last year after he gave up the CEO role. Investors rebelled against the board’s surprise decision in February to replace CEO Stephen I. Chazen, concerned that Irani had been a driving force behind the plan.

Irani has maintained that the company effectively terminated him under the terms of his 2008 employment agreement, thereby entitling him to a termination payment and other benefits and perquisites under that agreement.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...