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Exxon's CEO compensation up 6.6 percent
April 13, 2011 / 3:03 PM / 7 years ago

Exxon's CEO compensation up 6.6 percent

HOUSTON (Reuters) - The chief executive officer of Exxon Mobil Corp, the world’s largest publicly traded oil company, received $29 million in total compensation in 2010, a 6.6 percent increase from the previous year, a regulatory filing showed on Wednesday.

Exxon CEO Rex Tillerson’s pay included $2.2 million in salary, a $3.4 million bonus, and stock awards valued at $15.5 million, according to a filing with the U.S. Securities and Exchange Commission.

Factors the company’s board considered when awarding Tillerson’s pay included a 58 percent increase in earnings, safety results and the completion and integration of Exxon’s purchase of U.S. natural gas company XTO Energy Inc.

Exxon’s shares rose 7 percent in 2010, underperforming a 12 percent increase in the CBOE index of oil companies and a 13 percent increase in the Standard and Poor’s 500 index.

The compensation data was included in the company’s proxy statement ahead of its May 25 annual meeting. Among the shareholder proposals is a call for Exxon to separate the jobs of CEO and chairman, positions Tillerson currently holds.

In 2008, the Irving, Texas, company faced a challenge from members of the wealthy U.S. Rockefeller family, who urged the company to name an independent chairman.

John D. Rockefeller founded the Standard Oil Co in 1870, which was a precursor to Exxon Mobil.

Shares of Exxon fell 14 cents to $83.04 in midday trading on the New York Stock Exchange.

(Reporting by Anna Driver; Editing by Lisa Von Ahn and Gunna Dickson)

Corrects month of annual meeting in paragraph 5

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