U.S. Markets open in 8 hrs 48 mins

Occidental Petroleum settles pay fight with Irani

NEW YORK (AP) -- Occidental Petroleum says it settled a compensation dispute with Ray Irani, whose pay as CEO had been criticized by the oil company's shareholders.

He will get a $14 million payment and tax preparation, financial planning and security services, worth as much as $1.3 million a year, for life. Los Angeles-based Occidental said in a filing Monday that Irani wanted a $16.8 million termination payment and a longer list of perks worth $2.2 million a year. Irani will get some other undisclosed benefits but won't get a performance bonus for 2013.

Irani was chairman and CEO from 1990 to May 2011. He became executive chairman in May 2011 as Stephen Chazen took over as CEO. Occidental said in May 2013 that Irani would step down after shareholders voted against him.

An analysis by The Associated Press found that in 2010, he was the second-highest-paid CEO among Standard & Poor's 500 companies, with a package of salary, stock awards and other compensation valued at $76.1 million.