Occidental Petroleum Corporation (NYSE:OXY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Effective May 30, 2017, Mr. Christopher G. Stavros announced his retirement as Senior Vice President and Chief Financial Officer of Occidental Petroleum Corporation (“Occidental”).
Effective May 31, 2017, Mr. Cedric W. Burgher, 56, was appointed Senior Vice President and Chief Financial Officer of Occidental. Mr. Burgher has extensive business and industry experience and over the past 32 years has held increasingly responsible financial positions. Most recently, beginning December 2014, Mr. Burgher has served as Senior Vice President, Investor and Public Relations of EOG Resources, Inc. Prior to EOG, Mr. Burgher served as Chief Financial Officer of QR Energy L.P. from August 2010 through November 2014. Prior to serving in these roles, Mr. Burgher led financial and investor relations functions at a number of global companies including Quantum Energy Partners, KBR, Inc., Halliburton Company and Burger King Corporation.
Mr. Burgher is a Chartered Financial Analyst and received a Bachelor of Business Administration from the University of Texas and a Master of Business Administration from the University of Dallas.
Mr. Burgher does not have any family relationships with any director, executive officer, or any person nominated to become a director or executive officer of Occidental and there are no arrangements or understandings between Mr. Burgher and any other person to which Mr. Burgher was appointed as the Senior Vice President and Chief Financial Officer of Occidental. There are no related party transactions involving Mr. Burgher that are reportable under Item 404(a) of Regulation S-K.
Mr. Burgher will participate in the compensation programs described on pages 20-36of Occidental’s Proxy Statement relating to its 2017 Annual Meeting of Stockholders, as filed with the Securities and Exchange Commission on March 24, 2017 (which description is incorporated herein by reference). Mr. Burgher will receive an annual base salary of $600,000, and is eligible for a target Annual Cash Incentive of $600,000 for 2017, based on achievement of performance objectives. Mr. Burgher is entitled to a sign-on bonus of $250,000, with one-half of the sign-on bonus payable with his initial paycheck and the other half payable following the first anniversary of the start of his employment. In addition, effective as of May 31, 2017, the Executive Compensation Committee of the Board of Directors of Occidental authorized the grant of a number of time-based restricted stock units under Occidental’s 2015 Long-Term Incentive Plan to Mr. Burgher with a value equal to $2.5 million.
About Occidental Petroleum Corporation (NYSE:OXY)
Occidental Petroleum Corporation is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas. The OxyChem segment manufactures and markets basic chemicals and vinyls. OxyChem owns and operates manufacturing plants at approximately 20 domestic sites in Alabama, Georgia, Illinois, Kansas, Louisiana, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee and Texas, and at two international sites in Canada and Chile. The midstream and marketing segment gathers, processes, transports, stores, purchases and markets oil, condensate, NGLs, natural gas, carbon dioxide (CO2) and power. It also trades around its assets, including transportation and storage capacity. Additionally, the midstream and marketing segment invests in entities that conduct similar activities. Occidental Petroleum Corporation (NYSE:OXY) Recent Trading Information
Occidental Petroleum Corporation (NYSE:OXY) closed its last trading session 00.00 at 60.12 with 3,381,474 shares trading hands.