In a strongly worded letter to Oxy's board, Anne E. Sheehan, director of corporate governance for CalSTRS, said, "CEO pay at Occidental functions essentially as a corporate giveaway program."
Finally, in October 2010, Irani announced he would retire as CEO — and that his pay would be reduced. His chosen successor is Stephen I. Chazen, elevated from chief financial officer.
Irani will remain as executive chairman until the end of 2014.
Today, at least publicly, CalSTRS and Relational Investors have returned to the Occidental fold. A representative of Ralph Whitworth, one of Relational Investors' principals, told the Weekly there would be no comment "beyond the public announcements that we've made."
There's been no specific public disclosure of what Irani will be paid as chairman of the board.
In response to questions from L.A. Weekly, Sheehan issued a written statement: "He will make less than Mr. Chazen, whose own pay has been calibrated to be more in line with his peers at similar other companies."
And Irani, massively compensated CEO (ret.), might have a bit more time to settle into his Bel-Air neighborhood, where every house comes with a history — as does his.
This "article" is bitter and cynical. If the Calpr's and Mother Jones's have their way, we are all going to be socialist eunuchs...until we are then overridden by our enemies that write sick eulogies (like this one) about how fat and happy our teachers and union workers were, and all they did was complain.
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