Tuesday, April 13, 2010

Exxon (NYSE:XOM) CEO's Pay Drops

Exxon Mobil CEO Compensation

Chairman and CEO of Exxon (NYSE:XOM) Rex Tillerson got a pay cut in 2009, in line with the slower earnings of the company, which dropped by 9 percent during that time.

In 2008 Tillerson received $23.92 million in overall compensation, while in 2009 that dropped to $21.7 million.

Most of the loss in pay came from his bonus, which was based on performance. Most of the $21.7 million came from stock awards, and his salary did get a 10 percent bump up to $2.057 million, according to a filing by Exxon Mobil with the Securities and Exchange Commission.

Similar to other energy companies in 2009, Exxon Mobil was savaged by low gas prices earlier in the year and a drop in demand for gasoline as recession-weary consumers stayed home because of the lack of money and concerns over what was going to happen.

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