Pioneer Natural Resources' Departing CEO Exits With at Least $5.5 Million Payout

The CEO of an Irving-based oil explorer is exiting the company with a severance package worth at least $5.5 million.Pioneer Natural Resources Co. last week announced the immediate retirement of chief executive Timothy L. Dove, who took over the top job at the start of 2017. He's being replaced by fracking pioneer Scott Sheffield, the company's founding CEO, board chairman and Dove's predecessor.In a regulatory filing, the company said it is treating Dove's exit as a termination without cause, entitling him to a payout of three times his base salary, which totals $3.5 million, a 2018 cash bonus of over $1.8 million and other cash benefits worth $145,000.Pioneer also is fully vesting Dove's equity awards for 2017 and 2018, a move that likely means millions of dollars in additional pay to the retiring CEO. The company's filing did not place a value on the equity awards and it did not respond to questions from The Dallas Morning News seeking clarification.  Continue reading...