A Truce With Carl Icahn Will Cost Oil CEO a Cool Million

(Bloomberg) -- Occidental Petroleum Corp. Chief Executive Officer Vicki Hollub will see her compensation cut by at least $1 million as billionaire Carl Icahn extends his reach into the company’s boardroom.

Hollub, who came in for withering criticism from Icahn when she orchestrated a takeover of Anadarko Petroleum Corp., will have her salary capped at $250,000, the oil driller said in a filing on Wednesday. That compares to the $1.25 million salary she collected in both 2017 and 2018 -- compensation tables for 2019 haven’t yet been disclosed.

The quarter-million-dollar cap also applies to other top managers, Occidental said in the filing, and comes after the company announced plans to reduce rank-and-file pay by as much as 30%, according to people familiar with the matter.

Occidental’s spokeswoman Melissa Schoeb declined to comment.

©2020 Bloomberg L.P.