Friday, April 14, 2006

So much for disclosure of executive pay…

For those interested in following the latest in executive compensation, you might find interesting today’s New York Times story on Lee Raymond’s retirement package at Exxon. The Times values the package at $398 million—one of the largest payouts ever (the top payout being the $550 million paid to Michael Eisner in 1997). Among the retirement perks include Exxon’s continued payment of Raymond’s country club fees, use of the company aircraft, and a one-year consulting gig (paying $1 million). Not surprisingly, the Times is quite critical of the arranagement.

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