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Occidental Petroleum is restoring its executive pay/compensation metrics after implementing cuts earlier in the year due to COVID-19.
The decision was disclosed in its most recent 8-K filing (filed at the close of business on Thursday July 30, 2020). There was no mention as to whether the company would be rehiring employees that were furloughed or laid-off.
In late March 2020, Oxy's board temporarily capped executive's base salaries at $250,000, which took effect on April 1, 2020.
On July 30, 2020, the board's Executive Compensation Committee approved the partial restoration of the base salaries to a cap of $500,000 (a 100% increase).
Additionally, the base salary of the Oxy’s Senior Vice President, General Counsel and Chief Compliance Officer, were fully restored, effective as of August 1, 2020. Specific compensation numbers were not provided for these execs.
As a result, the 2020 annualized base salary for CEO Vicki Hollub represents a reduction of approximately 53% from the her base salary in 2019.
This year, Oxy has employed several strategies to save costs amidst the oil price drop. In addition to the salary cuts, the company offered voluntary buyout packages to employees as well as made cuts to its quarterly dividends.
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