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CEO Ray Irani is finally getting some heat for his outrageous compensation. WSJ reports that Relational Investors LLC and the California State Teachers' Retirement System, which together own about 1 percent of the L.A.-based Occidental's shares, will try to unseat at least four of 13 board members during the company's 2011 annual meeting. They're unhappy about Irani's pay and the company's failure to have a CEO succession plan (even though Irani is past the director retirement age of 75). Last year, Irani received $52.2 million in compensation.
More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAXSocal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.