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Exxon Mobil CEO Tillerson gets 10% raise
(Dallas Morning News, The Via Acquire Media NewsEdge) Dec. 3--Exxon Mobil Corp. chief executive Rex Tillerson got a 10 percent raise this year. And if the oil company continues to boost profit, he could get a lot more.
The head of the world's largest publicly traded oil company will get a base salary of $2.06 million in 2009, according to a filing Tuesday with the Securities and Exchange Commission. In 2008, his salary was $1.87 million.
That's not even the half of it.
His 2008 bonus could be as much as $4 million. Mr. Tillerson has to wait three years to get half of the bonus, and it's based on company performance. His 2007 bonus was $3.36 million.
Mr. Tillerson also gets 225,000 restricted shares of company stock, valued at nearly $17.5 million if he were allowed to redeem them today. He must wait five or 10 years to redeem the shares. Last year, Mr. Tillerson got 185,000 restricted shares.
His compensation is complicated because the board wants to encourage him to keep boosting profit and the Exxon share price. The numbers are big because the board wants to keep Mr. Tillerson and other managers around.
"We do a lot of work making sure our compensation program is competitive," said Exxon spokesman Alan Jeffers.
Other top executives also got handsome bonuses this year, as Exxon reported record profit through the third quarter.
Oil companies including Exxon made more money in 2008 because oil, natural gas, gasoline and diesel prices blew out all records. Those prices have since retreated.
Exxon's share price, on the other hand, is down compared with last year. Shares closed Tuesday at $77.61; at the end of 2007, Exxon shares brushed $95.
Despite his hefty pay package, Mr. Tillerson wasn't the highest-paid executive in town last year.
Of the North Texas companies that have to tell the public how much they pay their chief executives, the highest pay package went to Bob Simpson of XTO Energy.
Privately held companies, such as Hunt Oil or BP Capital, don't have to report how much the bosses make.
To see more of The Dallas Morning News, or to subscribe to the newspaper, go to http://www.dallasnews.com.
Copyright (c) 2008, The Dallas Morning News
Distributed by McClatchy-Tribune Information Services.
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