January 23, 2015 / 10:44 PM / 3 years ago

Former Apache CEO to collect $12 million cash for retirement

Former Apache Corporation CEO Steve Farris gestures during an interview session while attending the annual CERAWeek energy conference in Houston March 6, 2012. REUTERS/Richard Carson

HOUSTON (Reuters) - Steve Farris, who retired on Tuesday as Apache Corp’s (APA.N) chief executive, stands to collect about $12 million in salary and bonus over the next three years as part of his retirement package.

Farris, who will act as a consultant to Apache for the next 36 months, will collect his $1.75 million salary during that time. He will also receive two bonus payments of $2.6 million and a lump sum of $1.4 million, according to a filing with the U.S. Securities and Exchange Commission.

The executive, who is the company’s non-executive chairman until May 1, is also entitled to the vesting of all his restricted stock and options, according to the filing.

Reporting by Anna Driver; editing by Terry Wade

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