8-KLeadership Changes

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Executive Changes (Jul 31, 2020)

Filed July 31, 2020For Securities:OXYOXY-WT

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.

Frequently Asked Questions

The main change is the partial restoration of executive officer base salaries. The cap for most executives is increasing from $250,000 to $500,000, effective August 1, 2020.

Executive salaries were temporarily reduced starting April 1, 2020, as part of the Company's efforts to reduce operating and corporate costs.

No, even with the partial restoration, the CEO's 2020 annualized base salary represents an approximate 53% reduction from her 2019 base salary.

Not necessarily. While salaries are being partially restored, the CEO's salary remains significantly reduced, suggesting that cost management remains a consideration for the company.