Thursday December 04, 2008
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What are the odds that the U.S. economy will head into a recession in 2008?March 20, 2008 Surge in Oil Prices Benefits Occidental CEOOccidental Petroleum Corp.’s CEO Ray R. Irani is one of the
few CEOs receiving a 20 percent increase in compensation, reports the Wall Street Journal.
Irani earned an estimated $63.5 million in 2007. Critics claims that Irani’s success lies in the substantial increase in oil prices for reasons out of his control. Ninety percent of his compensation was based solely on his performance. Occidental’s spokesman Richard Kline stated that Irani’s compensation was appropriate since it correlated with the overall success of business. Their record $5.4 billion in net income in 2007 was up 29 percent from 2006. Tags: occidental pertroleum corp (1) ray r. irani (4) richard kline (1) compensation (126) corporate governance (196) strategy & leadership (132)
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