CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header

Local

Exxon Mobil Gives $2.7 Million Raise To CEO

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

dl image Exxon Mobil Gives $2.7 Million Raise To CEOClick To Win A Disney World Vacation

jacks music match up 1982 Exxon Mobil Gives $2.7 Million Raise To CEOPick The Best Song From 1982

grand in your hand11 Exxon Mobil Gives $2.7 Million Raise To CEOWin A Grand In Your Hand

155742164 Exxon Mobil Gives $2.7 Million Raise To CEOPick Your Favorite Victoria Secret Model

Featured Items

Fantasy_tileHottest Olympians

pet_tileYour Pet Photos

weather_tileSend Us Your Weather Photos

IRVING (AP) - Exxon Mobil Corp. is raising CEO Rex W. Tillerson’s salary 6 percent to $2.72 million on Jan. 1.

The oil giant said Tuesday in a regulatory filing that Tillerson will also get a bonus of $4.59 million and 225,000 shares of restricted stock.

Tillerson’s 2012 salary was $2.57 million, which was up from $2.39 million in 2011, according to previous filings.

Exxon said that about half the bonus will be paid in cash by year-end and the rest paid later through units that can be converted to cash based on a formula tied to cumulative quarterly earnings per share.

Half the restricted shares must be held for five years and half for 10 years or until retirement, whichever comes later. Tillerson is 60 and Exxon Mobil has an age-65 retirement rule, although it was waived for his predecessor, Lee R. Raymond.

In 2011, the last year for which full details are available, Tillerson received compensation worth $25.2 million, including salary, bonus, stock awards and other items. He has been CEO since 2006.

In the first nine months of 2012, Exxon, based in Irving, Texas, earned $34.93 billion, or 10 percent more than the same period last year, on revenue of $367.12 billion. Third-quarter earnings fell 7 percent from the same quarter in 2011, however, as the company produced less oil and gas at lower prices.

The weak global economy has dampened demand for oil, and strong production in the U.S. has held down natural gas prices.

Shares of the world’s largest publicly traded oil company fell 42 cents to close at $87.19. They have gained about 3 percent for the year.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out: