Left: Exxon's Lee Raymond
(Irving, TX) After 13 years of running America's largest oil company, Lee Raymond is calling it quits.
To show the corporate gratitude for a job well done (the company posted $36 billion in 2005 profits), Exxon put together a little retirement package for the outgoing CEO when he left in December.
To the tune of $400 million. The retirement package includes a pension, stock options, 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.
Documents filed with the Securities and Exchange Commission showed that Raymond received a $51.1 million paycheck in 2005.
Not bad work if you can find it.
To his credit the company's market value increased over fourfold to $375 billion, passing BP as the largest oil company and General Electric as the largest US corporation. Net corporate income soared from $4.8 billion in 1992 to the record $36.13 billion produced in 2005.
Still there is something obscene in an arrangement where one man makes $144,573 per day. At the risk of sounding like a dreamy socialist, it seems to me that extreme inequities like this concentrate too much wealth and power in the hands of too few.