Occidental’s Irani Stays One of L.A.’s Highest-Paid Executives

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Occidental Petroleum Corp. Chairman and Chief Executive Ray Irani remained one of the highest-paid executives in Los Angeles last year, taking home $30.9 million in total compensation, according to the Los Angeles-based company’s annual proxy statement filed Tuesday with the Securities and Exchange Commission.


Though Irani’s $1.3 million salary was unchanged from 2003 and 2002, he received a 45 percent jump in restricted stock awards of $16.8 million, a long-term incentive payout of $7.7 million, and $1.3 million in company contributions to a supplemental retirement plan and deferred compensation plan.


He also received $700,000 in incentive stock options, non-qualified stock options and stock appreciation rights, the same amount as in 2003.


Last year, Irani exercised 1.2 million in options for a “realized value” of $37.2 million. Currently, Irani holds exercisable options worth $118.7 million and 727,587 restricted shares and units valued at $42.5 million.


Occidental Petroleum stock has jumped 56 percent in the past year to $70.68 a share on Tuesday.

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