The largest American oil corporation, Exxon Mobil Corp (XOM.N), announced on Monday that its chief executive and senior executives will get higher annual base compensation in 2019. According to a document, the remuneration committee at Exxon Mobil recommended raising Chief Executive Officer Darren Woods’ yearly pay from $1.70 million to $1.88 million.
In 2023, Kathryn Mikells, who was appointed the company’s chief financial officer in August of last year, will get $1.22 million in base compensation. With effect from January 1, 2023, the corporation has increased the pay for its senior vice presidents. However, base salaries make up less than 10% of overall compensation, with stock awards and bonuses accounting for a more significant portion of what Exxon’s executives earn annually.
Woods received total compensation from the Houston-based oil company of $23.6 million in 2021 and $15.6 million in 2020. The salary increases came just one month after the oil giant reported record quarterly earnings as sanctions on Russia drove up the price of petroleum and gas to unimaginable heights this year.
Joe Biden, President of the United States has called attention to the oil industry’s unexpected earnings this year, accusing it of profiteering from conflict and claiming Exxon is making “more money than God.”
Biden has urged American oil and gas companies to use their record profits to boost production and lower gas prices for citizens, saying that he has made this request numerous times.
The leading American oil corporation, Exxon Mobil Corp. XOM.N, announced on Monday that it would be increasing the annual compensation of its CEO and senior executives for the upcoming year.
Exxon also increased Chief Executive’s annual pay
Exxon Mobil announced in a filing on Monday that its remuneration committee has approved an increase in Chief Executive Officer Darren Woods’ annual pay from $1.70 million paid this year to $1.88 million.
The corporation also increased the salaries of its senior vice presidents and chief financial officer. The new payscales will take effect on January 1, 2023. The salary increases came just a month after the oil giant reported record quarterly earnings as sanctions on Russia drove up the price of petroleum and gas this year.
Even U.S. President Joe Biden, who has accused the oil business of war profiteering and claimed earlier this year that Exxon was making “more money than God,” has taken notice of the industry’s windfall profit this year.
On numerous occasions, the president has urged American oil and gas companies to use their record profits to boost production and lower gas prices for citizens.