Rex Tillerson, the Chief Executive Officer (NYSE:CEO) of Exxon Mobil (NYSE:XOM) received a 15 percent pay increase to $40.3 million last year, according to a regulatory filing that was released by the company last Friday.
Tillerson had been the CEO since 2006, and under his lead the company brought in $44.9 billion in profits last year. That is close to the company’s record earnings of $45.2 billion in 2008, which was also the highest annual earnings for any corporation.
After that record year, the company’s profits took a dive due to the financial crisis. Exxon Mobil had its profits drop 57 percent to $19.3 billion in 2009. After that year though, the oil giant has seen its profits rise every year.
Rex Tillerson is not the only CEO of an oil company who has seen a pay raise. John Watson, the CEO of Chevron (NYSE:CVX), saw an increase of more than $7 million to $32.2 million in 2012.
Other executives are paid far more than these oil giants though. For instance, Timothy Cook, the CEO of Apple (NASDAQ:AAPL), earned more than $378 in 2011 in stock and salary, according to regulatory filings.
Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware, said that CEO’s of long established companies, such as Exxon, generally do not get as much compensation as CEOs of other corporations because there is not as much risk involved as there is with newer companies.
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