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Written by Graeme White
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Saturday, 16 June 2007 |
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Mr. Ray R. Irani, chairman and chief executive of Occidental Petroleum Corp. (OXY), was paid more than $400 million during 2006.
Mr. Ray R. Irani, chairman and chief executive of Occidental Petroleum Corp. (OXY), was paid more than $400 million during 2006.
Mr. Irani was appointed CEO of Occidental Petroleum in 1990 and generated a total shareholder return of 699 percent through to 2005. Large compensation pay amounts like this are usually reward for greatly increased shareholder value or return, and Occidental spokesperson Richard Kline described the compensation as “solid pay for performance”.
A very large percentage of Mr Irani’s 2006 pay amount was from exercising stock options awarded to him between 1997 and 2006. He also received $93.3 million in stock and dividends from a deferred stock program when the company closed the plan in October.
Salary component of Mr Irani’s compensation for 2006 was $1.3 million and his cash bonus was $1.4 million, with other benefits bringing his 2006 compensation to $55.6 million,
This is certainly one of the largest single-year payouts in U.S. corporate history. In 2001, Mr. Larry Ellison, CEO of Oracle, received $706 million from stock options and in 1998 Michael Eisner, former Walt Disney CEO, received $570 million. |
Business and Finance 
