Exxon Mobile CEO Will Retire & POCKET 1/2 BILLION

[matcom]

:grr:

<snip>

While you stand at the gas pump today, paying $2.37 or more for a gallon of regular unleaded, spare a thought for the chairman and CEO of ExxonMobil.

Lee Raymond just announced he's going to retire – with more than half a billion bucks.

How's that for executive compensation?

He's 67. He'll hand over power at the end of the year, probably to his No. 2, Rex Tillerson.

Stock market experts were yesterday asking: why now?

Among the possibilities: it allows Raymond to cash in on Exxon's soaring stock price to the tune of an extra $160 million.



Raymond's extraordinary fortune is detailed on pages 12 through 22 of the company's last proxy statement.

He owns 3.1 million common shares. At $58.52, last night's closing price, those are worth $181 million.

He also owns 2.7 million ``restricted'' shares. A company spokeswoman yesterday confirmed those were in addition to his common shares, and that Raymond's retirement allow him to cash them in.

Their value: $159 million.

He also holds 4.85 million stock options. At $51.26 a share, on Dec. 31, they were worth $65.8 million. That's since risen, with the share price, to $100.2 million.

Oh yes, and he has an $81.3 million pension fund, which will pay him $10.2 million a year.

Total value: $521.5 million.

He also cashed out another $44 million worth of options last year.

Raymond ran the company for 12 years.

It isn't as if this kind of corporate largesse was to make up for a shortfall in annual compensation.

Salary and bonus last year: $7.5 million.

And as if all that wasn't enough, there were all the perks.

Exxon paid all his membership fees to private clubs. Those came to a stunning $46,000 last year.

It paid $33,441 to a tax accountant who helped Raymond reduce the amount he'll have to hand over to Uncle Sam.

http://business.bostonherald.com/businessNews/view.bg?articleid=96720

[Deja Q]

1. And we paid for it all so we could get the gas and oil needed for

our cars which in turn drive us to our low-paying manic-workload beyond-perfection-demanding jobs...

[Hugin]

2. Yet, I bet it costs him no more to live than your average street person...

They pay more "hidden taxes" than he does though.

[Initech]

3. At times like this, communism doesnt seem so bad...

:grr: :grr: :grr:

[Shell Beau]

4. 12 years and he is leaving with that much. I

must be in the wrong business. I guess he is the only one who can afford the gas there.

[DS1]

5. Hey, come on! That's only one B2 Bomber

You think he should have to fly civilian with the rest of us dolts? :eyes:

[LisaM]

6. Well, let's boycott Exxon-Mobil

the only way we can counter this is to drive down their stock price. I don't think DU alone will make even a tiny dent, but hey, every little bit helps.

[AmandaRuth]

7. not to mention the cost of that nasty little war

being fought on his industries behalf.

[Zuni]

8. obscene

:mad:

[The Backlash Cometh]

9. Nationalize Oil!

That will put an end to the abuses.

[SammyWinstonJack]

10. That just isn't right.

Nothing right about that at all! And to top it all off,

"It paid $33,441 to a tax accountant who helped Raymond reduce the amount he'll have to hand over to Uncle Sam." How very Un American of him! :grr: Why do these rich bastards never think they owe a society that allows them to become that obscenely wealthy, a God Damned thing? They just take and take and take! Burns me up! :grr:

[MN ChimpH8R]

11. That SOB should have his ears nailed to a truck bumper

and be driven through the poorest section of whatever city they are headquartered in. Not one red dime should go to this shitheel profiteer.

[bridgit]

12. golden parachutes are for pikers...

these guys have cut diamond & ruby encrusted parachutes :shrug:

[LSK]

13. and what was his secret to success???

Telling Tom Delay to buy a lot of Exxon stock.