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

Former Apache CEO to collect $12 million cash for retirement

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.

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

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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