Financial Services Industry
Industry: Email Alert RSS FeedPension goldmine awaits AT&T, Occidental CEOs.(Corporate Governance)
Pensions & Investments, April, 2007
Byline: Barry B. Burr Edward E. Whitacre Jr. will get a $158.4 million pension package when he retires as chairman and chief executive officer of AT&T Inc. - the highest of any U.S. CEO. Ray R. Irani, chairman, president and CEO of Occidental Petroleum Corp., is second and will reap $124 million.
The pension information is based on data compiled and analyzed by The Corporate Library, Portland, Maine, from 2007 proxy statements of 485 companies filed as of March 23. This is the first year the SEC is requiring that companies disclose the total present value of top executives' pension and deferred compensation arrangements in the form of a lump sum. The results can be startling - including to the corporate boards that doled out the packages. Paul...
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