A $55.6 million payday

Forget about sports or show business - if you want to make the really big bucks, just stick with oil. L.A.-based Occidental Petroleum released its latest proxy today and Chairman and CEO Ray Irani, consistently among Socal's highest-paid executives, received a pay package last year totalling $55.6 million, down from 2005's $80.7 million. Here's how the 2006 pay day breaks out: stock awards valued at $31 million, options awards valued at $17.4 million, salary ($1.3 million), bonus ($1.4 million), long-term incentive bonus ($1.4 million), and increased pension value ($679,000). But wait, there's more - $562,589 for security services, $556,470 for financial planning and tax preparation services (you've got to be kidding me!), and supplemental retirement plan contributions ($652,890). Last year, he was the sixth-highest paid CEO and yet Forbes ranked him only 108th out of 189 CEOs in terms of performance vs. pay. Don't expect Irani to engage such matters; he almost never speaks to the press.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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