Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.
If I were a stockholder of Exxon I'd be furious. This guy has already been well compensated for his work in his yearly salary and incentives. Now the Board of Directors is giving him $400 million as a gift.
Sure Exxon is as profitable as any company in history. But did Mr. Raymond cause that? He's not the one responsible for the world-wide shortage in oil. (For one I Blame Bill Clinton for a lack of an energy policy and vetoing development of ANWR in 1995.)
What's wrong with a gold watch?