Deals
Anadarko Changed CEO's Potential Payout Before Chevron Deal
- Board boosted executives’ severance pay with changes to terms
- Company will cover taxes on exit packages for senior bosses
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Anadarko Petroleum Corp. tweaked terms determining severance payments for senior executives the day before Chevron Corp.’s $33 billion buyout offer was announced, setting up Chief Executive Officer Al Walker to collect millions of dollars of additional compensation if he leaves the company.
The board also eliminated a provision that would have reduced Walker’s potential payout because he hasn’t yet reached age 65, according to an April 17 regulatory filing. The tweaks, approved on April 11, also included a vow to cover excise taxes on golden parachute payments to Anadarko’s top bosses -- a type of benefit that many shareholders have criticized for years.