A Truce With Carl Icahn Will Cost Oil CEO a Cool Million

A Truce With Carl Icahn Will Cost Oil CEO a Cool Million(Bloomberg) -- Occidental Petroleum Corp. Chief Executive Officer Vicki Hollub will see her compensation cut by at least $1 million as billionaire Carl Icahn extends his reach into the company’s boardroom.Hollub, who came in for withering criticism from Icahn when she orchestrated a takeover of Anadarko Petroleum Corp., will have her salary capped at $250,000, the oil driller said in a filing on Wednesday. That compares to the $1.25 million salary she collected in both 2017 and 2018 -- compensation tables for 2019 haven’t yet been disclosed.The quarter-million-dollar cap also applies to other top managers, Occidental said in the filing, and comes after the company announced plans to reduce rank-and-file pay by as much as 30%, according to people familiar with the matter.Occidental’s spokeswoman Melissa Schoeb declined to comment.(Adds company’s response in final paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.