[seadog] Exxon Mobil CEO 2002 compensation up 76 pct

  • From: "Tom Blanchard" <tomblanchard@xxxxxxxxxxxxxxxx>
  • To: "SEADOG" <seadog@xxxxxxxxxxxxx>
  • Date: Fri, 18 Apr 2003 19:32:57 -0400

NEW YORK, April 17 (Reuters) - Exxon Mobil Corp. (NYSE:XOM - News) said in a
regulatory filing on Thursday that Chairman and Chief Executive Lee Raymond
earned $25.8 million in salary, bonus and other compensation last year, up
76 percent from 2001.

In its annual proxy filed with the U.S. Securities and Exchange Commission
(News - Websites), the world's largest investor-owned oil company said it
paid Raymond a salary of $3.25 million, up 14 percent from 2001. However,
Exxon Mobil cut Raymond's annual cash bonus by 20 percent to $2.16 million.

In all, short-term compensation fell by 2 percent to $5.51 million.

Raymond, who has run the oil giant for 16 years, received restricted stock
worth $17.3 million, more than double the amount awarded to him in 2001.
Raymond received zero stock options, compared with $1.05 million worth in
the prior two years.

Company officials were not immediately available for comment.

Exxon Mobil also gave Raymond $3 million in long-term incentive payments and
other compensation, which includes pension payments and the cost of life
insurance premiums.

Also in the filing, the company said Raymond exercised options to buy
720,000 shares last year, realizing an additional $16.7 million. He retains
exercisable options on 7.4 million shares worth about $46.3 million.

Raymond increased his take home pay in a year when net earnings fell by 25
percent, dragged down by poor refining results, while Exxon Mobil's stock
price fell by 11 percent.

At the end of last year Raymond held 1.66 million of restricted shares,
currently worth about $60 million. These shares may not be sold until
retirement. Raymond also owned 2.04 million Exxon common shares at the end
of February.

Exxon Mobil's annual meeting is scheduled for May 28 in Dallas.

Exxon Mobil in the proxy also said William T. Esrey (News), the former
Sprint Corp. (NYSE:FON - News) chairman and CEO, will not stand for
re-election to the board of directors of Exxon Mobil at the annual meeting
next month.

Esrey recently resigned from Sprint after disclosing he was under
investigation surrounding his personal use of aggressive tax shelters.
Esrey, who also was recently diagnosed with cancer, is a member of the
company's compensation and audit committees.

Shareholders will also have a chance to vote on 12 proposals, all opposed by
management, including calls for the company to ban political partisanship,
hire separate firms for auditing and consulting and to nominate more
candidates than there are open seats on the board.

Some shareholders also seek to limit director compensation, separate the
offices of chairman and CEO, and ask the company to study the environmental
impact of its drilling activities.

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