Occidental Petroleum Corp. CEO Ray Irani, 75, plans to step down at the 2011 annual meeting and become executive chairman before retiring in 2014. COO Stephen Chazen, who also is president of the Los Angeles-based producer, was tapped to assume the role of CEO. Occidental’s board also said it would “substantially reduce” overall compensation levels to be “more in line with its peers.” Irani made $97 million in total compensation in 2009. By comparison, ExxonMobil Corp. CEO Rex Tillerson earned $27.2 million in total compensation last year.

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