Exxon's CEO and executives get 10% salary increase

Exxon’s CEO and executives get 10% salary increase

Dec 06, 2022 News

– While the company’s British staff protesting on the streets for better pay

Kaieteur News – American oil giant, ExxonMobil Corporation on Monday announced that from next year, the company’s Chief Executive Officer (CEO) Darren Woods and other executives will benefit from a 10 percent increase on their annual salaries.

This increase to the oil giant’s top-brass comes at a time when the company has seen record-shattering profits this year, all owed to the Russia-Ukraine war which has sent oil prices soaring. This publication had highlighted that for the third-quarter of 2022 the oil major earnings was US$19.7B.

ExxonMobil’s Chief Executive Officer (CEO), Darren Woods (Getty images)

On Monday, Reuters reported that the US-oil major is raising the annual base salaries.

It was stated too that Exxon Mobil’s compensation committee approved an increase in the annual salary of CEO Woods from US$1.70M this year to US$1.88M. Notably, in 2021, Exxon paid Woods a total compensation of US$23.6M in 2021 and US$15.6 million in 2020.

Kathryn Mikells, who became the Company’s Chief Financial Officer in August, last year, will receive a base pay of US$1.22M in 2023. The company also raised the salaries of its senior vice presidents, all effective January 1, 2023, Reuters stated.

Notably, the news agency also reported that the base salaries, however, represent less than 10 percent of total pay, with stock awards and bonuses making up a bigger share of what Exxon’s executives pocket every year.

While ExxonMobil has announced a 10 percent annual increase for its CEO and executives – a few days ago Kaieteur News reported that the company’s British employees has taken to the streets protesting more than the ‘pitiful’ 2.5 percent increase.

Video footage from London based civil rights group, ‘ReelNews’ showed scores of oil workers protesting against the 2.5 percent pay increase. The video which aired on Sunday November 27, 2022 presented interviews with workers who claimed that the company was making extraordinary profits but unwilling to speak with workers over a pay increase. “A company making billions simply refusing to pay its workforce a decent wage,” one worker told the activist group.

Just over a month ago, President of the United States of America Joe Biden threatened to increase the tax on the oil majors who saw “outrageous” profits this year.

Exxon workers during another protest in April

“Give me a break, enough is enough, look I’m a Capitalist and I have said this before, I have no problem with corporations turning a fair profit and getting a return on their investment and innovation, but this is not remotely what’s happening. Oil companies’ recording profits today are not because they are doing something new or innovative, their profits are a windfall of war,” he explained.

Biden had called on the oil majors who are “war-profiteering” to meet their responsibilities to the country and give the American people a break at the pump stations.

The U.S President had noted too that, at the time of war any company receiving historic profits like the oil majors are recording, have the responsibility to, “act beyond their narrow self-interest of its executive shareholders.”

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