Summary
Occidental Petroleum Corporation (OXY) announced a partial restoration of executive officer base salaries, effective August 1, 2020. This follows temporary reductions implemented on April 1, 2020, as part of cost-cutting measures. The base salary for most executive officers will be capped at $500,000, a significant increase from the previous $250,000 cap. Notably, the Senior Vice President, General Counsel and Chief Compliance Officer will see a full restoration of their base salary. The Chief Executive Officer, Vicki Hollub, will experience a base salary reduction of approximately 53% compared to her 2019 annualized salary, even with the partial restoration. This filing indicates a step towards normalizing executive compensation as the company navigates cost management strategies.
Key Highlights
- 1Occidental Petroleum is partially restoring executive officer base salaries effective August 1, 2020.
- 2The cap on base salaries for most executive officers will increase from $250,000 to $500,000.
- 3The Senior Vice President, General Counsel and Chief Compliance Officer will have their base salary fully restored.
- 4The CEO, Vicki Hollub, will still have a base salary reduction of approximately 53% compared to her 2019 salary.
- 5These changes are a modification of temporary salary reductions put in place on April 1, 2020, due to cost-saving efforts.
- 6The decision was made by the Executive Compensation Committee of the Board.