Oil exec receives $400 million retirement package

| Monday, April 17, 2006

Here’s something to chew on the next time you’re filling up your truck and wondering how much longer you can survive if fuel prices keep going up.

Lee Raymond, retiring chairman of ExxonMobil – whose company made $36 billion in 2005 – is set to receive one of the biggest retirement packages in history.

ABC News reported that Raymond is going to receive nearly $400 million in his retirement package, including pension, stock options, a $1 million consulting deal, two years of home security, personal security, a car and driver, and the use of a corporate jet for professional purposes.

The network also reported that documents recently filed with the Securities and Exchange Commission show that Raymond made $51.1 million in 2005 alone, nearly five times what the chief executive officer of Chevron made.

But Raymond isn’t the only one in the oil industry raking in the money. The Wall Street Journal recently reported on the compensation of various CEOs, including several in the oil industry.

William Greeley, CEO of Valero Energy Corp., made $95.6 million in 2005, more than half of which came from stock option gains.

And Ray Irani, CEO of Occidental Petroleum, the largest oil producer in Texas with oil concerns all over the world, made $83.96 million in 2005, according to The Journal.

The highest paid CEO, however, was not in the oil industry. The Journal reported that Richard Fairbank of Capitol One Financial Corp. made $249.2 million in 2005.