Occidental’s Irani, Highest-Paid Oil CEO, to Retire
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Occidental Petroleum Corp. Chief Executive Officer Ray R. Irani will take a pay cut and retire next year in the wake of shareholder criticism of a compensation package that made him the highest-paid CEO in the energy industry.
Stephen I. Chazen, Occidental’s president and chief operating officer, will become CEO when Irani steps down in May, the Los Angeles-based company said today in a statement. Irani, 75, will remain chairman of the board until 2014.