El Paso CEO to get $95 million in exit pay - WSJ

Mon Oct 17, 2011 9:21pm EDT

Oct 17 (Reuters) - El Paso Corp Chief Executive Douglas Foshee does not plan to stay at Kinder Morgan Inc after the pipeline company acquires his employer, a Wall Street Journal report said.

On Sunday, the two company signed a deal worth $21 billion in cash and stock to create the largest U.S. natural gas pipeline network.

CEO Foshee is eligible to receive $95 million as his exit package, if he leaves within two years of an acquisition, the media report said, citing its calculations from a regulatory filing.

About $69 million, would come from 4.27 million stock options granted over his eight-year tenure at El Paso, the report said.

El Paso Corp and Kinder Morgan Inc were not immediately available for comment.

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