The boss of struggling Canadian oil giant Talisman was paid over £5million in 2013 but is expected to retire before the end of the year.
Hal Kvisle, 61, enjoyed a pay package of £5.1million, including share awards worth around £3.5million and a bonus of £842,000.
The company’s board said it expects Mr Kvisle will retire this year once he has ‘‘re-based the company”.
The struggling oil giant highlighted plans to sell off its remaining North Sea assets earlier this year as it unveiled a slowdown in UKCS production and quarterly losses of over £600million. The firm has said it would target assets sales up to £1.8billlion in coming months, adding to sales of £1.2billion made in 2013 as it narrows its focus on its core areas in Canada and Asia Pacific.
The Calgary-based firm sold half its UK North Sea assets to the Chinese state-backed Sinopec in a £932m joint venture deal in 2012.
Mr Kvisle joined the lossmaking Talisman in September 2012 to lead the change in strategy and turn the company’s fortunes around. The firm is under pressure from investors, including billionaire Carl Icahn, to step up its programme to sell assets and reduce debt.
In October, he snapped up more than 60million shares in the firm and moved two Icahn representatives on to its board.
The £186million investment made Mr Icahn the second-largest shareholder and follows on from his initial investment in 4.8million shares in 2007 when the company was facing pressure to boost share price.
In the company’s report to investors for its annual meeting last week, it said Mr Kvisle’s compensation in 2013 was “strongly tied” to corporate performance, adding the board thought his personal performance was strong.
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