04/11/07 by dugan
It’s a strange world when yearly CEO pay of $18.4 million looks humble. That’s what Exxon reports paying CEO Rex Tillerson in a filing today. Compared to the $460 million awarded to Ray Irani, the CEO of little Occidental Petroleum, you have to wonder if Tillerson is on the wrong boat. Of course, Exxon doesn’t count as compensation the $13.6 million in deferred-payout stock options that it also gave to Tillerson, putting him in the same total pay category as Chevron’s David O’Reilly. And Exxon always saves its greatest generosity for retirement day. Former CEO Lee Raymond, when he stepped down in 2005, walked off with $400 million. But who cares, since motorists are the forced labor that funds these elephant-choking paychecks.