Los Angeles-based Occidental Petroleum Corp. (Oxy) said it is paying a $14 million lump sum to former chairman and CEO Ray Irani as part of a $26 million settlement following his ouster earlier this year from chairing the Oxy board. After a 30-year stint at the mid-major oil/natural gas company, Irani, 78, was pushed out of his chairman role in May (see Daily GPI,May 6). Occidental said in a regulatory filing that Irani will get lifetime security and financial planning services estimated at up to $1.3 million annually. The former executive was paid an average of $90 million annually in total compensation during the past 11 years, according to a calculation by the Los Angeles Times. Initial comments from Wall Street analysts characterized the exit package for the former executive as excessive.
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