Exxon Mobil raises CEO, prime executives base pay By Reuters

© Reuters. FILE PHOTO: Darren Woods, chairman and chief government officer of the Exxon Mobil Company, speaks throughout the CERAWeek convention in Houston, Texas, U.S., March 7, 2022. REUTERS/Daniel Kramer

(Reuters) -Exxon Mobil Corp is elevating the annual base salaries of its prime boss and different executives for subsequent yr, the most important U.S. oil firm stated on Monday.

Exxon Mobil (NYSE:)’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 yr, in accordance with a submitting.

Kathryn Mikells, who turned the corporate’s chief monetary officer in August final yr, 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, characterize 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 report quarterly income as sanctions on Russia despatched crude and gasoline costs hovering to dizzying heights this yr.

The oil trade’s windfall income this yr has attracted the eye of U.S. President Joe Biden, who has accused the sector of conflict profiteering and stated Exxon was making “extra money than God”.

Biden has repeatedly referred to as on U.S. oil and gasoline firms to make use of their report income to extend manufacturing and scale back pump costs for People.