Occidental Petroleum settles pay fight with Irani

AP News
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Posted: Dec 23, 2013 5:33 PM

NEW YORK (AP) — Occidental Petroleum says it settled a compensation dispute with Ray Irani, whose pay as CEO had been criticized by the oil company's shareholders.

He will get a $14 million payment and tax preparation, financial planning and security services, worth as much as $1.3 million a year, for life.

Los Angeles-based Occidental said in a filing Monday that Irani wanted a $16.8 million termination payment and a longer list of perks worth $2.2 million a year.

Irani will get some other undisclosed benefits but won't get a performance bonus for 2013.

Irani was chairman and CEO from 1990 to 2011 and became executive chairman in May 2011. The company said in May that he would step aside as chairman after shareholders voted against him.