Exxon Chairman Deserves Huge Retirement Package
By Yaron Brook (New York Post, April 26, 2006)
It is only just that Exxon chairman Lee Raymond receive one of the largest retirement packages in history.
During the 12 years he ran Exxon, it became the largest oil company in the world and its stock price went up 500 percent.
The $400 million Raymond will get for his 12 years at the helm of Exxon represents about 1 percent of the $36 billion in profits Exxon made only last year. That is the largest amount of profit of any company ever--and Exxon's CEO deserves to be rewarded for that.
We should not be complaining about Mr. Raymond's compensation, but congratulating him--and other high-performing CEOs--for a job well done.