Exxon Chairman Gets $400 Million Retirement Package
April 14, 2006 -- Higher gas prices may mean a pain at the pump for American, but for the outgoing chairman of Exxon, they mean something very different. Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits, according to a report on ABC News' Good Morning America.
The world's largest oil company has revealed the stunning details of Lee Raymond's retirement deal.
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 testified before Congress and tried to explain that high gas prices are the result of global supply and demand.
But, he was confronted with caustic complaints about his compensation.
"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara Boxer said.
And that was before new corporate documents that reveal Raymond's retirement deal and how much he made in 2005, which was $51.5 million dollars.
That's $141, 000 every day -- nearly $6,000 every hour and it's more than five times what the CEO of Chevron made, according to GMA.
"I think it'll spark a lot of outrage. Clearly much of his high level pay Is due to the high price of gas," said Sarah Anderson of the Institute for Policy Studies.
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 it "Reflects&a very long and distinguished career."
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