Robert Peterson has been appointed the new CFO of Occidental Petroleum. He replaces Cedric Burgher, who will transition to another role in the company. Mr Burgher joined the company in May 2017.
Mr Peterson joined the company in August 2014 as President of OxyChem, the chemical subsidiary of the company. Most recently he was VP of Permian Strategy. Mr Peterson holds a Bachelor’s degree in Mechanical Engineering and an MBA in Corporate Finance from the University of Florida.
Changes coming thick and fast
The changes are coming thick and fast at Oxy. It’s been barely a week since the company reached a truce with activist investor, Carl Icahn by agreeing to add three new Icahn designated directors to the Board. The company also brought back former CEO Stephen Chazen as its new Chairman.
In its proxy statement filed on April 1, the company disclosed that Oscar Brown, Senior VP Strategy, Business Development and Supply Chain, was no longer with the company. He played a substantial role in the acquisition of Anadarko. For that, he received a $1.2 million cash bonus (which was more than Mr Burgher’s bonus). The company has not filed the required 8-K with the SEC, so the terms of his departure are not known.
No compensation details were given for Mr Peterson. Last week, the company reduced the salaries for all executive officers to $250,000. Mr Burgher was making $765,000.
New severance agreements
The company also filed new severance terms for executive officers yesterday. Prior to the amendment, the company did not have formal arrangements with them. If Mr Burgher were to be let go before December 2021, severance would be 1.5 times base salary in effect on March 1, 2020 plus 1.5 times actual annual bonus. A pro-rata bonus for the year would also be paid.
Were CEO Vicki Hollub to leave, it would be 2 times base salary as of March 1, 2020 (2x $1.33 million) plus 2 times bonus.