Anadarko CEO is set to receive a $98 million payout on completion of the company’s $38 billion sale to Occidental
Anadarko Chief Executive Al Walker speaking in Houston in 2017. Photo: Aaron M. Sprecher/Bloomberg News By Patrick Thomas June 7, 2019 3:37 p.m. ET Anadarko Petroleum Corp. Chief Executive Al Walker is set to receive a $98 million payout on completion of the company’s $38 billion sale to Occidental Petroleum Corp. OXY -0.87%
In addition to the $98.1 million for Mr. Walker, company President Robert Gwin will get about $55 million and finance chief Ben Fink is set to receive $29.4 million, the filing stated. Much of the money reflects stock options the top executives have that are set to vest on an accelerated basis. But the payouts also include “make whole” tax reimbursement payments to offset a “negative economic impact” that the executives would have otherwise faced due to the sale, according to the filing.
Hefty payouts given to departing executives, also known as golden parachutes, have been controversial in the past, even prompting new tax laws meant to restrict the payments.
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