Former Apache CEO G. Steven Farris is slated to collect a $12 million retirement package after abruptly resigning from his post last week.
The package includes salary and bonuses that will paid out over the next three years, Reuters said.
Farris’ resignation was effective on January 21 but he will stay on with Houston-based Apache as a consultant for the next 36 months.
During the consultancy period Farris, 66, will collect $1.75 million in salary.
He will also take home two $2.6 million bonus payments and a $1.4 million lump sum payment, according to a U.S. Securities and Exchange Committee filing.
Farris, 66, will continue to serve as a non-executive chairman of the board until May 1, 2015.
He joined Apache in 1988 and has served as its chief executive officer since 2002 and as chairman of the board since 2009.
“After more than 25 years with the company and 14 years as CEO, it is time to hand over the reins to a new generation of leaders,” Farris said.
Former Apache North American COO and executive vice president John J. Christmann IV now leads the company.
Christmann has worked at Apache for 18 years and served in a number of leadership positions.