March 20, 2012 / 8:27 PM / in 6 years

Oxy's Irani collects $50 mln in 2011 after pay cut

March 20 (Reuters) - Ray Irani, executive chairman of Occidental Petroleum Corp, collected just short of $50 million from the company in 2011 after shareholder protests the previous year led to a pay cut for its executive team.

Irani, who was chief executive for two decades before last May, received $49.8 million in salary, bonus, stock awards and incentive plan compensation, down from $76.1 million the year before, according to a filing with the U.S. Securities and Exchange Commission on Tuesday.

Stephen Chazen, a former banker and 18-year Occidental veteran who took over from Irani as CEO, pocketed $31.7 million, down from $38 million in 2010.

Two funds holding about 1 percent of Occidental’s shares, the California State Teachers’ Retirement System and Relational Investors LLC, mounted a challenge in 2010 to take board seats at the company because of concerns about executive compensation.

Occidental, responding to that and an advisory shareholder vote against its pay structure earlier in the year, moved in late 2010 to make its chairman and CEO compensation lower than at one or more peer companies, at all performance levels.

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