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Exxon cuts bonus pay as earnings drop

Dec. 2, 2009 at 5:44 PM   |   Comments

IRVING, Texas, Dec. 2 (UPI) -- U.S. energy giant Exxon Mobile Corp. gave its chief executive officer a hefty raise, but trimmed his bonus for 2009, the company said.

In a filing with the Securities and Exchange Commission, Exxon said Chief Executive Officer Rex Tillerson would receive a raise of 7 percent with a bonus of $2.4 million this year, a sharp drop from his 2008 bonus of $4 million, The Dallas Morning News reported Wednesday.

Separately, Tillerson will receive 225,000 company shares, the same as he did a year ago, the newspaper said.

Including deferred payments, bonuses pay and shares earned, Tillerson received $22.4 million a year ago.

This year bonuses were cut as Exxon earned 98 cents per share, compared to $2.85 per share a year ago.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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