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Cheney's $20M Package Said OK'd
Cheney's $20M Package Said OK'd
NEW YORK (AP) - The energy service=
s company that Dick Cheney ran
the last five years has agreed to let him retire with a package
worth an estimated $20 million, The New York Times reported
Saturday.
The board of the Dallas-based Halliburton Co. (NYSE:HAL - news) approved the
arrangements on July 20, five days before Republican presidential
nominee Texas Gov. George W. Bush announced his selection of Cheney
as his running mate, according to sources who have reviewed the
deal.
The board's vote allowed Cheney, 59, to avoid a potentially
costly aspect of his employment contract, which said he would
forfeit some of his compensation if he retired before age 62
without the board's permission. Cheney served as the company's
chairman and chief executive.
The board did ``whatever the contract cal=
ls for,'' said member
W.R. Howell.
``There was nothing done at the board level of an exceptio=
nal
nature for Dick Cheney,'' Howell said.
Guy Marcus, a spokesman for Hall=
iburton, told The Associated
Press late Friday he did not know the details of Cheney's
retirement package, but said Cheney was taking a normal early
retirement, effective Aug. 16.
Cheney, who spent much of his life as a =
public official and
federal employee, was paid at least $12.5 million in his years at
Halliburton and received stock and options worth nearly $39 million
at its current stock price, the Times said.
By permitting Cheney to tre=
at his departure as early retirement,
the directors allowed him to keep $10 million worth of stock and
options he would have forfeited had he simply resigned, the
company's public filings show. It was not clear whether the $10
million was part of the retirement package or in addition to it,
the Times said.
One of the newspaper's sources briefed on the company's=
plan
said the board was told the package totaled about $20 million.
Cheney s=
pokesman Dirk Vande Beek told the Times that details of
the package were being worked out, and said Cheney would remain an
employee of Halliburton until Aug. 16 with the title ``chairman in
transition.''
Cheney has said in interviews that he would sell off his
Halliburton stock if the Republican ticket prevails in the fall.
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