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Extra
Exxon CEO's 2004 paycheck: $38 million
Oil giant's record-breaking 2004 revenues and profit bring a big raise for its boss, Lee Raymond.
By The Associated Press
Buoyed by high oil prices, Exxon Mobil had a record-breaking year in 2004, and Chairman and Chief Executive Lee R. Raymond shared in the company's success with a $38 million compensation package, the largest U.S. oil company said Wednesday.
Exxon Mobil (XOM, news, msgs) said that Raymond, 66, was paid $7.5 million in salary and bonus plus restricted stock worth $28 million and nearly $2.6 million more in other compensation and incentives.
That was an increase from Raymond's 2003 package worth about $27.9 million, including $6.8 million in salary and bonus and $17.9 million in restricted stock.
The compensation committee of Exxon's board said Raymond's package was appropriate when compared to pay for CEOs of other U.S. oil companies and major corporations, "particularly in view of the long-term performance of the company and the substantial experience and expertise that Mr. Raymond brings to the job."
The committee said it didn't use a formula but based Raymond's salary and bonus on leadership and results measured by factors including long-term returns on capital and growth in earnings per share.
Raymond's compensation was detailed in Exxon's proxy filed with the Securities and Exchange Commission. He received $216,000 in other compensation that included contributions under retirement plans. He received $179,382 for the cost of club memberships, financial planning services and tax assistance, as well as personal use of the company aircraft and other properties.
Record profit for any U.S. company
Irving, Texas-based Exxon earned a record $25.33 billion in 2004, believed to be the highest profit ever for a U.S. company after excluding earnings inflated by the sale of a business.
Exxon's 2004 revenues were also a company record: $298.03 billion. In February, the company surpassed General Electric (GE, news, msgs) to become the largest U.S. corporation by stock market value.
Raymond has been chairman and chief executive since 1993 and a director since 1984, long before Exxon's 1998 acquisition of Mobil Corp. He is also on the board of J.P. Morgan Chase & Co. (JPM, news, msgs)
Exxon's shares rose 25% in 2004 and hit a 52-week high of $64.37 in March.
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