15 April 2006

Fat cats again!

The last post on fat cats, I promise. The New York Times considers the rewards accruing to the Exxon chief:
"Under Lee R. Raymond, the market value of Exxon Mobil increased fourfold to $375 billion, overtaking BP as the largest oil company. Under Mr. Raymond, the company's market value increased fourfold to $375 billion, overtaking BP as the largest oil company and General Electric as the largest American corporation. Net income soared from $4.8 billion in 1992 to last year's record-setting $36.13 billion.
Shareholders benefited handsomely on Mr. Raymond's watch. The price of Exxon's shares rose an average of 13 percent a year. The company, now known as Exxon Mobil, paid $67 billion in total dividends.
For his efforts, Mr. Raymond, who retired in December, was compensated more than $686 million from 1993 to 2005, according to an analysis done for The New York Times by Brian Foley, an independent compensation consultant. That is $144,573 for each day he spent leading Exxon's "God pod," as the executive suite at the company's headquarters in Irving, Tex., is known."
I wonder if he is happy. In any event, it rather puts Beckham, Rooney and Moyles into the shade...

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