WSJ
Anadarko CEO to Get $98 Million Payout in Occidental Deal
Al Walker is among the top Anadarko executives who will receive $300 million
By
June 7, 2019 3:37 p.m. ET
Anadarko Petroleum Corp. Chief Executive Al Walker is set to receive a $98 million payout on completion of the company’s $38 billion sale to Occidental Petroleum Corp.
Mr. Walker’s payday is part of about $300 million in payouts that the company’s top executives are set to split following the closing of the deal, Anadarko disclosed Friday in a securities filing.
In addition to the $98.1 million for Mr. Walker, company President Robert Gwin will get about $55 million and finance chief Ben Fink is set to receive $29.4 million, the filing stated.
Daniel Brown, the company’s head of U.S. onshore operations, is set to receive $43.6 million, while, Mitchell Ingram, its head of international and deepwater operations, is set to receive $43.9 million. Amanda McMillan, the company’s general counsel, will get about $30.6 million.
Much of the money reflects stock options the top executives have that are set to vest on an accelerated basis. But the payouts also include “make whole” tax reimbursement payments to offset a “negative economic impact” that the executives would have otherwise faced due to the sale, according to the filing.
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