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It's good to know that while average Americans struggle to keep their car on the road and their homes warm, Lee Raymond can get heaping sums of cash just for retiring. Way to go Lee Raymond! Your greed and the excesses of your former employer are shining examples for every American.
From: ABC News
http://abcnews.go.com/GMA/story?id=1841989
Exxon Chairman Gets $400 Million Retirement Package Amid Soaring Gas Prices
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.
Raymond, however, was confronted with caustic complaints about his
compensation.
"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara
Boxer said.
That was before new 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.
"I think it will spark a lot of outrage," said Sarah Anderson, a fellow
in the global economy program at the Institute for Policy Studies, an
independent think tank. "Clearly much of his high-level pay is due to
the high price of gas."
Exxon defends Raymond's compensation, pointing out that during the 12
years he ran the company, Exxon became the largest oil company in the
world and that the stock price went up 500 percent.
A company spokesman said the compensation package reflected "a very long
and distinguished career."
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: ABC News
http://abcnews.go.com/GMA/story?id=1841989
Exxon Chairman Gets $400 Million Retirement Package Amid Soaring Gas Prices
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.
Raymond, however, was confronted with caustic complaints about his
compensation.
"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara
Boxer said.
That was before new 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.
"I think it will spark a lot of outrage," said Sarah Anderson, a fellow
in the global economy program at the Institute for Policy Studies, an
independent think tank. "Clearly much of his high-level pay is due to
the high price of gas."
Exxon defends Raymond's compensation, pointing out that during the 12
years he ran the company, Exxon became the largest oil company in the
world and that the stock price went up 500 percent.
A company spokesman said the compensation package reflected "a very long
and distinguished career."
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.
