Summary
Occidental Petroleum Corporation (OXY) filed an 8-K on June 12, 2009, to disclose details regarding the retirement of R. Casey Olson, Executive Vice President and President of Oxy Oil and Gas, International. This filing formalizes the retirement agreement previously announced in March, with Mr. Olson's retirement effective at year-end 2009, though he will provide consulting services throughout 2010. The retirement agreement includes provisions for continued salary payments to Mr. Olson during 2010 and compensation for forfeited performance-based incentive awards, contingent upon payments made for the non-forfeited portions. This announcement provides clarity on the terms of Mr. Olson's departure and his ongoing involvement, which could be relevant for understanding executive transitions and potential ongoing advisory roles within the company.
Key Highlights
- 1R. Casey Olson, EVP and President of Oxy Oil and Gas, International, will retire at year-end 2009.
- 2A formal retirement agreement between Mr. Olson and Occidental Petroleum was executed on June 12, 2009.
- 3Mr. Olson will remain available to assist the company in 2010 with matters related to his previous tenure.
- 4In addition to standard retirement benefits, Mr. Olson will receive his salary throughout 2010.
- 5The agreement provides for compensation related to forfeited performance-based incentive awards, subject to payment of non-forfeited portions.
- 6The retirement agreement is filed as an exhibit to the 8-K.