Amidst News Of Lower Compensation, Occidental President-cum-CEO Addresses, Allays Our Fears

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The big oil and natural-gas company said Thursday that its 75-year-old CEO will retire at the 2011 annual meeting, and will be succeeded by President Stephen I. Chazen. Mr. Irani will remain executive chairman until the end of 2014. The two executives also will get a "substantially lower" maximum payout under a new long-term compensation plan than they were eligible for in previous plans, according to the company...The CEO-designate isn't worried about his lower potential pay. During an interview Wednesday, he said that he and Mr. Irani already own a lot of Occidental shares. "You don't have to worry about either of us eating cat food at home because the comp is going down," Mr. Chazen said. [WSJ]

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