Ousted Oxy SVP Oscar Brown received $1.2 mil cash for "unlocking" value from APC transaction

Oxy just posted their proxy to the SEC website.

https://www.sec.gov/Archives/edgar/data/797468/000120677420001012/oxy3677661-pre14a.htm#p50

Page 44 - Recently Brown got $1.2 million for last year's "performance". Today he got fired.

Quote from the document: "These named executive officers [Hollub, Brown and Burgher] were integral to the Anadarko acquisition and are principally responsible for executing Occidental’s strategy to unlock the value of the transaction."

Oscar Brown served as Occidental's senior VP for strategy, business development and supply chain, was a key lieutenant of CEO Vicki Hollub and traveled with Hollub last year to Omaha, Neb., to secure a $10B investment from Warren Buffett that helped clinch the deal.

Directly destroyed billions of value between two companies and then stole millions for doing it.

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Why did they fire the guy that unlocked so much value? Are they stupid? I don’t understand.

Seems like this guy is the scapegoat for the Anadarko disaster. I think they all should go.

Already unlocked value. Negative $50B. ;)

Curious to see the value that was unlocked. How long will I have to wait?

I don’t see how Vicki could ever stand in front of the employees again - they should boo her off the podium! (Or pelt her with eggs and rotten tomatoes)!!
RESIGN NOW!!! If not, the #1 job of the board is to hire/fire the CEO. Do it now!!!

@zxi+14hIlegb Yes. he was an investment banker who came in to run M&A. Made a total mess - although the buck stops higher up as well with VH and the Board.

https://finance.yahoo.com/news/did-oxy-bosses-paid-bonus-110059784.html

This article sums it up well.

Oscar “Klueless” Brown (finance dude, came from BofA) was one of VH’s minions who helped “identify” APC as a target and then helped “execute” the takeover plan, including the $10B Buffett investment that allowed the end run around a shareholder vote. A vote they knew they would lose!

Here’s a key thing about the OXY takeover of APC: it was purely a “financial” ploy conceived and executed by finance and accounting “gurus” (aka LIARS). There was almost ZERO subsurface review, unlike all previous O&G M&A transactions that I’m aware of. And I’m a PE who’s been involved on the technical side (buyer and seller) of multiple M&A transactions.

Will be interesting to see if there’s ever any such thing as a look-back to fully assess the “deal.” Will not come from OXYmorons, someone will write a book after BK.

Also, how is it that these “executives” get bonuses on “unlocking value” before any value (or lack thereof) is realised? Smells very Enron-esquire.

Is this guy being blamed for the Anadarko desk? I’m not familiar with him.

What about this is surprising though at this point?

Thread regarding Occidental Petroleum Corp. layoffs

Ousted Oxy SVP Oscar Brown received $1.2 mil cash for "unlocking" value from APC transaction

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