Gold-Plated Exit For Exxon CEO
When Lee Raymond retired from Exxon Mobil Corp. in January, his pension was worth almost $100 million.
(By Melina Mara -- The Washington Post)
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
Thursday, April 13, 2006
Exxon Mobil Corp.'s outgoing chief executive, Lee Raymond, received $48.5 million in salary, bonus, incentive payments and stock awards last year and retired Jan. 14 qualifying for a pension with a lump-sum value of $98.4 million, according to the company's latest proxy statement.
By the end of 2005, Raymond had accumulated $183.1 million worth of Exxon Mobil stock and had options worth $69 million to buy additional company shares. The company also covered his expenses for items including club memberships and private use of corporate jets.
A company spokesman said he did not know whether Raymond, who worked for Exxon for 43 years, took the lump-sum retirement payout or whether he opted for an $8 million-a-year pension instead.
The company said Raymond's pay package reflected his 12 years as the company's chief executive. In that time, the stock price increased five-fold and the market value of the company rose from $82 billion to more than $352 billion. For 2005, Exxon Mobil reported the highest profit ever for a U.S. public company.
The company's proxy said Raymond's package was "appropriately positioned relative to CEOs of U.S.-based, integrated oil companies and other major U.S.-based corporations, particularly in view of the long-term performance of the company and the substantial experience and expertise that Mr. Raymond has brought to the job."
In 2004, Raymond's total compensation came to $37.7 million. Forbes magazine ranked Raymond 44th in compensation among the 500 largest U.S. public companies.
Exxon Mobil's new chief executive, Rex W. Tillerson, received a relatively modest $13 million in total compensation in 2005, the proxy said.
