Andrew J. Hall, the crude-oil trader who gained notoriety for a $100m pay package during the financial crisis, is leaving his post at a century-old commodities trading house by year-end to focus on his own hedge fund, people familiar with the matter said.
Occidental told employees earlier this year that it planned to sell or close the company by the end of 2014, according to the people who asked not to be identified because the information isn’t public. Occidental didn’t immediately respond to a call and e-mail seeking comment.
As chief executive officer, Hall gained notoriety in 2009 for a pay package of about $100m while Phibro was owned by Citigroup, igniting controversy over compensation at bailed-out banks. The former trader for BP anticipated oil’s rise to a record in 2008 and subsequent fall, helping him land compensation near $100m for three straight years. Known for his conviction that prices will inevitably rise in the long term, Hall said this month oil will fall to as low as $50 a barrel before recovering in the first half of next year.
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