Brother, can you spare a tank of Exxon Supreme?
Well, if your name was Rex Tillerson, you’d have a much wider range of choices.
Rex is the chairman and CEO of Exxon Mobil Corp., now the largest U.S. company based on its market capitalization of $479 billion. If Exxon Mobil were a country, it would have one of the ten largest economies in the world.
With gas prices rapidly approaching $4 per gallon and most of us non-CEOs drilling an extra hole in our belts to avoid running on fumes, this probably wasn’t a good time for Exxon Mobil to announce Rex’s new compensation package.
Like the oil “bidness” in general, Rex is having a very good year.
His annual remuneration now totals $16.7 million, up almost 29 percent from last year’s personal bonanza. The one day I paid attention in Mrs. Russell’s algebra class tells me this is roughly equivalent to the percentage increase in the price of Regular Unleaded during the past 12 months.
According to wire reports, Rex is getting $1.87 million in base salary and a $3.36 million bonus this year.
The rest of the T-Rex sized compensation for the Exxon Mobil chief is expressed in the increased valuation of his vested stock grants and pension. Presumably, this shields Rex’s Everest of swag from those nasty types at the IRS who are busy right now preparing to audit you for the $20 health-care deduction you took for antacids while preparing your tax returns this week.
Now, we know what you’re thinking: At least ol’ Rex has to pull up at the pump in Irving, TX, and fill up the 40-gallon tank in his Rolls side by side with all the Honda Civic and Ford Focus-driving customers.
Sorry to disappoint you, but Rex’s deal also provides $41,000 for “personal use of corporate aircraft.”
However, in an apparent bow to public relations, Exxon Mobil announced that it is discontinuing its practice of reimbursing top execs for their country-club memberships.
Don’t even think about heading down to Irving and demanding a charitable donation from Mr. Tillerson: Exxon also is required to provide more than $220,000 this year for “security” to protect Rex.