Whiting Petroleum Corp. CEO (redacted) will receive a $2.53 million severance package once he leaves the Bakken oil producer as it emerges from bankruptcy next month.
(Redacted) will be paid a lump sum equivalent to twice his base salary and his 2020 bonus. He will also receive healthcare benefits for up to 18 months.
The payout comes on top of a $6.4 million package he received for steering the company through its five-month bankruptcy process. The failed CEO and fellow executives were granted a combined $14.6 million worth of bonuses just days before filing for Chapter 11 on April 1, payouts that were criticized by some corporate governance experts.