Occidental Petroleum CEO Ray Irani had one of the biggest single-year payouts in US corporate history last year. Now the company has sweetened the pot even more for the man in charge.
According to a recent filing, Irani could be awarded incentive pay currently valued at more than $80 million depending on the company’s performance over several years.
In a filing with the US Securities and Exchange Commission late on Friday, Occidental said CEO Ray Irani could be awarded up to $58.5 million if the company’s return on equity is 54% or better over the next three years.
If its return on equity is less than 33%, he will receive no payout.
Return on equity is the company’s net income divided by total equity.
Irani also has the chance to receive the value of about 380,000 shares of Occidental stock, currently worth over $23 million, depending on the company’s performance compared to its peers.
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