Peak Oil is You

Donate Bitcoins ;-) or Paypal :-)

Page added on April 15, 2017

Bookmark and Share

Tillerson made $27.4 million last year

Tillerson made $27.4 million last year thumbnail

U.S. Secretary of State Rex Tillerson received compensation worth $27.4 million last year when he was chief executive of Exxon Mobil Corp, the world’s largest publicly traded oil producer, regulatory filings showed on Thursday.

He and other senior executives got raises even though Exxon’s net income fell more than 50 percent in 2016 as the company, like many of its peers, tried to cut costs and weather a period of low oil prices.

The value of Tillerson’s compensation package last year rose about 0.5 percent largely due to a 4 percent boost in his salary to $3.2 million and an 8 percent jump in the value of stock awards to $19.7 million, an Exxon filing with the Securities and Exchange Commission showed.

The value of perquisites Tillerson received from Exxon last year, including personal security and a life insurance policy, rose 7 percent to $575,850.

Tillerson, 65, was nominated by then President-elect Donald Trump to be secretary of state in December. Tillerson retired from Exxon at the end of the year. He was confirmed by the U.S. Senate in early February.

His current post carries an annual salary of $207,800, according to the federal Office of Personnel Management tables.

As part of an ethics agreement when Tillerson assumed his government post, Tillerson forfeited unvested Exxon stock worth $2.8 million and potential for a bonus of $3.9 million. He also waived his right to retiree health benefits.

Tillerson’s vested Exxon stock was put into a trust worth about $180 million at the time, the proceeds of which will be paid out over the next decade, much in the same way proceeds are paid out to all Exxon retirees. The trust is prohibited from investing in Exxon.

Tillerson will not be allowed to work anywhere in the oil and gas industry for the next decade. If he does, the entire trust’s value would be donated to a charity that neither he nor Exxon chooses, according to the regulatory filings.

Darren Woods, Exxon’s CEO as of January, saw his compensation rise 64 percent last year, when he was Exxon’s president, to $16.8 million. Woods saw his base salary rise 36 percent to $1 million and the value of stock and stock option awards, his pension and company perquisites, including the cost of a home security system, rise as well.



7 Comments on "Tillerson made $27.4 million last year"

  1. Midnight Oil on Sat, 15th Apr 2017 11:13 am 

    T Rex Tillerson can donate all his compensation to his Global Warming solutions of adapting and engineering.
    That would be the right thing to do.

  2. DerHundistlos on Sat, 15th Apr 2017 12:40 pm 

    Correct response to article, OIL.

  3. Anonymouse on Sat, 15th Apr 2017 3:35 pm 

    And now, we get to watch drillerson fly around the world threatening, brow-beating and generally insulting Russia, China, Iran and others (or trying to), on behalf of the entirety of the uS’s oily government. Doesn’t pay as well upfront, but I am sure he will amply compensated through ‘other’ channels. That ,or, he’ll be party to igniting a global war where even .1% assholes like him dont survive, in which case, it wont matter how uS dollars he used to have….

  4. makati1 on Sat, 15th Apr 2017 5:29 pm 

    Anon, we live in a fast paced world headed toward Armageddon. The Trump Gang is going to take us there faster than I thought. He may be the psycho president that destroys America totally. We shall see.

  5. Sissyfuss on Sat, 15th Apr 2017 6:28 pm 

    Tex Spillerson seems to be one of the few semi sane characters in the menagerie. Staying that way will be impossible.

  6. Dredd on Sun, 16th Apr 2017 6:37 am 

    “De debil” (Flip Wilson) is paying top dollar these daze to buy souls in the (The Shapeshifters of Bullshitistan – 5</a?).

  7. marko on Sun, 16th Apr 2017 7:00 am 

    poor guy he deserve more

Leave a Reply

Your email address will not be published. Required fields are marked *