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EXXON CHAIRMAN GETS $400 MILLION RETIREMENT PACKAGE AMID SOARING GAS PRICES
ABC News via Drudge ^

Posted on 04/14/2006 1:20:10 PM PDT by aShepard

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.

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.


TOPICS: Heated Discussion
KEYWORDS: badtiming; bigoil; conservativenameonly; deserveseverypenny; energy; exxon; exxonmobile; gasprices; goldenparachute; hero; oil; overpaid; raymond; retirement
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To: aShepard

"The sneer was only effective when he got his ten chins out of the way! LOL"

Maybe he had a retirement deal where he was paid $40 million a chin.


281 posted on 04/14/2006 3:35:11 PM PDT by BW2221
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Comment #282 Removed by Moderator

To: stockstrader

Pathetic. Don't answer the question at all, and ask another. LAME. I'll treat your question with the same respect as all the pro ExxonMobil corp nonsense on this thread deserves. Especially when your side won't answer anything whatsoever. Answer my questions, and I'll try to answer yours.


283 posted on 04/14/2006 3:36:34 PM PDT by ConTex
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To: jennyp
I wonder if Raymond will break down in abject apology and beg the world for forgiveness like GE's Jack Welch, or stand firm and proudly declare he was worth his severance package like NYSE's Dick Grasso?

I can discern no clear message from this clever post. Are you demonizing Welch along with the popularly demonized Grasso? Or being poetic? For starters, Grasso's compensation is no one's business but his and the NYSE's -- it was privately held at the time.

Welch, Grasso, and Raymond each ran or run enterprises that are so integral to civilized life as to be taken completely for granted. If any were to be run into the ground tomorrow -- by gross mismanagement, let's say, due to a mediocre CEO earning a mediocre wage -- it couldn't be replaced at any cost -- though the world would promise $400 million dollars a year for life to anyone who could even act like he was capable of running it.

284 posted on 04/14/2006 3:37:15 PM PDT by the invisib1e hand (Polls show Jesus' approval ratings at all time low, after a triumphant reception just a few days ago)
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To: ConTex
Ahhh,,,,k...that figures. It's obvious that you react to facts like Linda Blair reacts to Holy Water.

Once again, have a nice day!..:)

285 posted on 04/14/2006 3:37:30 PM PDT by stockstrader
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To: aShepard
This thread will bring out the populist plebeians in masses.
286 posted on 04/14/2006 3:37:33 PM PDT by Young Scholar
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To: aShepard

Severe ENVY alert...


287 posted on 04/14/2006 3:38:42 PM PDT by hosepipe (CAUTION: This propaganda is laced with hyperbole..)
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To: Young Scholar
No question about it. And I have ALREADY provided the solution!!

Let's let the government determine how much money the oil companies should make,,,and how much each exec should be paid!!

Simple. It worked in old Russia, Cuba and North Korea. THEY DO NOT HAVE THIS PROBLEM!..:)

288 posted on 04/14/2006 3:39:37 PM PDT by stockstrader
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To: stockstrader

Funny, I asked you to answer questions I asked you, and you accuse me of not answering. I guess that's ok with you.


289 posted on 04/14/2006 3:39:58 PM PDT by ConTex
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To: aShepard

Guys like this make it hard to defend capitalism.


290 posted on 04/14/2006 3:40:03 PM PDT by Democratshavenobrains
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To: ConTex
Listen, with all due respect -- however much that is -- this argument is nonsense. It's plain and simple class envy. You're in a tizzy about high gasoline costs and the fact that someone is in a much better place in life.

If you can do a better job on thirty grand a year, send in your resume. Stockholders are always looking to cut costs.

291 posted on 04/14/2006 3:40:20 PM PDT by the invisib1e hand (Polls show Jesus' approval ratings at all time low, after a triumphant reception just a few days ago)
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To: jennyp
......"The ABC News poll, "Is Raymond's retirement package fair?", is getting 90.0% "yes" and 9.6% "no".
Are ABCNews' readers really more conservative than Freepers???..........

Got'ta say amazing! And to think that he has an Anglican name, and probably has no need "for a green card"
292 posted on 04/14/2006 3:41:12 PM PDT by aShepard
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To: ConTex
If you can't even do the minimal research that I suggested so that you wouldn't continue to embarrass yourself, well,,,,yes,,it IS fine with me!)

For the third time, have a nice day!..:)

293 posted on 04/14/2006 3:41:55 PM PDT by stockstrader
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To: the invisib1e hand

It's not class envy. I don't care about how me he makes really. I do care that it's SUCKING out of the US economy. Same as Exxon itself has been.


294 posted on 04/14/2006 3:42:21 PM PDT by ConTex
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To: Democratshavenobrains
Guys like this make it hard to defend capitalism.

This makes no sense at all. "Guys like this" make capitalism shine.

Perhaps you're mistaking socialism for capitalism. In that case, your remark makes perfect sense.

295 posted on 04/14/2006 3:42:54 PM PDT by the invisib1e hand (Polls show Jesus' approval ratings at all time low, after a triumphant reception just a few days ago)
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To: stockstrader

Answer my 275, or don't insult. Your choice.


296 posted on 04/14/2006 3:43:07 PM PDT by ConTex
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To: antaresequity

Yeah, those "poor" Exxon execs in the late 80's and early 90's. I heard they even had to turn tricks to eat. How much did they make back then? Only a few million a year?


297 posted on 04/14/2006 3:43:17 PM PDT by Democratshavenobrains
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To: IronJack
"or fly a broom instead.
I've got two ex-wives already doing that. "
Hmmm, having one ought to have been enough, even to learn broom flying :)
298 posted on 04/14/2006 3:43:34 PM PDT by GSlob
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To: ConTex

That was NOT an insult. I only state facts!! For the fourth time,,,have a nice day...lol...:)


299 posted on 04/14/2006 3:43:41 PM PDT by stockstrader
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To: PeteB570
Don't quote me here but if they took the $400m away from him and gave some to every driver in the US it would come out to what? $3.00.

I'm pretty sure that Exxon-Mobil sells more than just gasoline for personal automobiles. Further, most of his compensation isn't "real" money...it's options, which depend upon the company doing well for a while after he's gone. Even further, it's based upon a number of years of work, not an annual payment - so to make it fairly stated, it should be divided amongst several years.

People are fussing about the cost of using an ATM machine once every few years?

300 posted on 04/14/2006 3:43:43 PM PDT by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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