The CEO of Exxon Mobil has been re-hired to continue running the store. CEO Rex Tillerson’s salary this year was $1,870,000. He got a 13% raise and a 214% bonus. Must be Rex took Exxon to glorious new heights last year, right?
Depends on how you figure. So far this year, company stock has dropped 18 percent. That, at first rapacious blush, does not seem like performance which merits a bonus more than double your salary. However. Exxon stock dropped less than half as much as the average of other major oil companies. So in that regard, it’s a relative increase.
Tillerson also was granted 225,000 shares of Exxon stock, which don’t count in this year’s income, because he’s not allowed to cash them in for at least five years. In its current parlous state, Exxon stock is trading around $76.80 a share. So Tillerson’s take for this year is nearly two mill in salary, plus four mill in bonus, plus (assuming Exxon does not go belly-up in the next five years) more than seventeen mill in stock. Round it off at 23 million dollars.
Say what you like — or don’t like — about oil companies, Tillerson’s company does produce a tangible and, in the industrial world, useful product. His income for the year is chump change — a rounding error in the money made by the financial wizards who have dumped the rest of us in a recession with their unregulated sleazy smoke-and-mirrors paper-shuffling.