Dec 5 (Reuters) – Exxon Mobil Corp (XOM.N) is elevating the annual base salaries of its prime boss and different executives for subsequent 12 months, the most important U.S. oil firm mentioned on Monday.
Exxon Mobil’s compensation committee authorised a rise within the annual wage of Chief Govt Officer Darren Woods to $1.88 million from $1.70 million this 12 months, in line with a submitting.
Kathryn Mikells, who grew to become the corporate’s chief monetary officer in August final 12 months, will obtain a base pay of $1.22 million in 2023.
The corporate additionally raised the salaries of its senior vice presidents, efficient Jan. 1, 2023.
Base salaries, nonetheless, symbolize lower than 10% of complete pay, with inventory awards and bonuses making up a much bigger share of what Exxon’s executives pocket yearly.
The Houston-based oil main paid Woods a complete compensation of $23.6 million in 2021 and $15.6 million in 2020.
The pay hikes come barely a month after the oil main posted document quarterly earnings as sanctions on Russia despatched crude and fuel costs hovering to dizzying heights this 12 months.
The oil trade’s windfall earnings this 12 months has attracted the eye of U.S. President Joe Biden, who has accused the sector of struggle profiteering and mentioned Exxon was making “more cash than God”.
Biden has repeatedly known as on U.S. oil and fuel firms to make use of their document earnings to extend manufacturing and scale back pump costs for Individuals.
Reporting by Ruhi Soni in Bengaluru; Modifying by Savio D’Souza, Anil D’Silva and Krishna Chandra Eluri
: .
