Summary
Occidental Petroleum Corporation (OXY) has announced a significant change in its executive leadership. Effective May 30, 2017, Christopher G. Stavros retired as Senior Vice President and Chief Financial Officer. The company has promptly appointed Cedric W. Burgher, a seasoned finance executive with over 32 years of experience, to fill this crucial role, effective May 31, 2017. Mr. Burgher brings a wealth of expertise from his recent role as Senior Vice President, Investor and Public Relations at EOG Resources, Inc., and prior experience as CFO of QR Energy L.P., among other senior financial positions. His appointment is expected to provide continuity and strong financial stewardship for Occidental. Investors should note the compensation package for Mr. Burgher, which includes a base salary of $600,000, a target annual cash incentive of $600,000, a $250,000 sign-on bonus, and a $2.5 million grant of restricted stock units.
Key Highlights
- 1Christopher G. Stavros retired as Senior Vice President and Chief Financial Officer, effective May 30, 2017.
- 2Cedric W. Burgher appointed as the new Senior Vice President and Chief Financial Officer, effective May 31, 2017.
- 3Mr. Burgher has 32 years of extensive financial experience, including previous CFO and Investor Relations roles at EOG Resources and QR Energy.
- 4Mr. Burgher has no disclosed family relationships with OXY directors or officers, nor any reportable related party transactions.
- 5Mr. Burgher's compensation includes a $600,000 base salary and a target annual cash incentive of $600,000.
- 6A $250,000 sign-on bonus will be paid to Mr. Burgher, with half upfront and half after his first anniversary.
- 7Mr. Burgher will receive a $2.5 million grant of time-based restricted stock units.