Average Americans are struggling to keep up with persistently high gas prices, now approaching $3 a gallon. Testifying before Congress last November, Exxon CEO Lee Raymond blamed the problem on “global supply and demand” and assured the public that “we’re all in this together.”
Last year, Raymond made do with “a total compensation package” of just $69.7 million or $190,915 a day, including weekends.
After his haul in 2005, Raymond has decided to retire. It’s seems that, for Raymond, not working is even more lucrative than working:
Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.
Exxon is now facing several “shareholder resolutions this year that criticize the company’s level of executive pay and seek to rein it in.”