[from MarketWatch] -- Lee Raymond, the chairman and chief executive officer of Exxon Mobil Corp., earned $144,573 for each day of the 13 years he served at the top of the oil company, according to a report in Saturday's New York Times. Raymond, who retired from Exxon in December, received more than $686 million from 1993 to 2005, according to an analysis done for the paper by an independent compensation consultant. |
[from abcnews.com] April 14, 2006 - Soaring gas prices are squeezing most Americans at the pump, but at least one man isn't complaining. Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits. Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes. Last November, when he was still chairman of Exxon, Raymond told Congress that gas prices were high because of global supply and demand. "We're all in this together, everywhere in the world," he testified. Exxon corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour. It's almost more than five times what the CEO of Chevron made. |
[from abcnews.com] Sen. Byron Dorgan said he wants Exxon Mobil officials to appear at a Senate Commerce Committee hearing to explain how the corporation "justifies" giving its former boss, Lee Raymond, such a huge retirement package. Exxon Mobil has defended Raymond's retirement package, saying it was pegged to the rise in the company's profit and market capitalization that occurred during his tenure. |
[from abcnews.com] Some Exxon shareholders are now trying to pass resolutions criticizing the company's executive pay policies. The company is urging other shareholders to vote against those resolutions. |
[from nbc11.com regarding Jan 27, 2006 Court Hearing on the Exxon Valdez oil spill of 1989,] [yes, it's still under appeal] Attorney David Oesting said the hearing should be the final argument before the Appeals Court over punitive damages. Plaintiff Steve Vanek, a Ninilchik commercial fisherman, is not expecting a settlement soon. "It will be another year or a year and a half before that bloody 9th Circuit makes a decision," Vanek predicted. "I won't count on it until I see the check." It's impossible to predict when the Appeals Court will issue a decision, Oesting said. He also expects Exxon to appeal to the U.S. Supreme Court. "I don't know if the Supreme Court will choose to get involved," Oesting said. Each year fewer fishermen, Native subsistence gatherers and other plaintiffs are still alive to track the court case. Oesting said he believes that around 3,000 of the plaintiffs have died while waiting for the (4.5) billions in punitive damages a jury first ordered Exxon, now Exxon Mobil, to pay in 1994. More than 30,000 plaintiffs from oiled areas remain, Oesting said. The Exxon public affairs office referred inquiries to the company's Web site. The site offers a lengthy defense of the company position. "Despite complaints by the plaintiffs, which are designed to sway public opinion, Exxon Mobil is exercising a fundamental right to appeal these damages, a right to which every American individual and company is entitled," the Web site said. |