Anadarko CEO Could Get $64 Million Payout After Chevron Deal
Anadarko CEO Could Get $64 Million Payout After Chevron Takeover
(Bloomberg) -- Anadarko Petroleum Corp. Chairman and Chief Executive Officer Al Walker may not have a role once his company is purchased by Chevron Corp., but he will have some money.
Walker’s employment agreement entitles him to walk away with about $64 million if he’s let go as part of the transaction or isn’t tapped to lead the combined entity, according to data compiled by Bloomberg. The haul includes $21.4 million in accumulated pension payments, about $8 million of severance and benefits, and equity awards worth $35 million. Chevron CEO Mike Wirth will lead the new entity.
Part of the equity consists of stock options he previously received that have already vested. The remainder are unvested options and restricted shares, some of which will pay out depending on whether certain performance goals have been met.
During a conference call with investors on Friday morning, Wirth did most of the talking. Walker, 62, spoke briefly about helping with the transition. One of the analysts on the call wished Walker well: “We’ll miss you, Al.”
Walker’s next move is unclear. His predecessor, James Hackett, retired from the company and went to study at Harvard Divinity School, before re-emerging two years ago as head of a special purpose acquisition vehicle hunting for oil assets.
To contact the reporters on this story: Anders Melin in New York at amelin3@bloomberg.net;Tina Davis in New York at tinadavis@bloomberg.net
To contact the editors responsible for this story: Tina Davis at tinadavis@bloomberg.net, Joe Carroll, Christine Buurma
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