A report from the Wall Street Journal Wednesday asserted embattled Occidental Petroleum Corp. (NYSE:OXY) CEO Ray Irani will probably announce he is going to retire at an October meeting of the board.
Irani is among one of the highest paid CEOs in the world, in 2009 making $52.2 million, and over the last 10 years making $857 million.
Shareholders have been putting pressure on Irani and Occidental over the extraordinarily high pay.
Even though the announcement of retirement will probably happen in October, the actual date of retirement isn't expected until some time in 2011, for the 75-year-old executive.
But that doesn't mean Irani is leaving the company, he will reportedly stay on as the chairman for several more years.
Several months ago shareholders said they rejected the pay policy of the company, which pressured the company to say they'll bring it under review to see what needed to be changed.
I wonder how much Irani will get for being chairman?
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