HOUSTON, April 12 (Reuters) – Chevron Corp (CVX.N) CEO Michael Wirth was paid $23.6 million in 2022, a 4% improve from the prior 12 months whereas the median annual compensation for the oil big’s staff fell 12%, a securities submitting confirmed on Wednesday.
Along with sky-high vitality costs, cost-cutting measures together with payroll reductions helped Chevron’s revenue greater than double in 2022 to a report $36.5 billion.
The median annual compensation for Chevron staff final 12 months dropped to $161,488.
Beneath a brand new metric required by the U.S. Securities and Change Fee, Wirth’s “precise compensation paid” rose 60% to $86.7 million when fairness awards, pension profit changes and different compensation have been factored in.
Chevron stated the determine didn’t characterize Wirth’s precise realized compensation because it contains equity-based awards – the worth of which isn’t recognized till choices are exercised or inventory is offered.
In line with shareholder advocacy group As You Sow, Wirth final 12 months ranked 87th on a listing of 100 CEOs that it says obtained unjustified pay ranges.
CEO compensations are set to the rise 30% to a mean of $38.1 million this 12 months, in keeping with As You Sow. Most firms approve compensations within the prior 12 months.
Reporting by Sabrina Valle; Modifying by Edwina Gibbs
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