Published April 13, 2011
New regulatory documents released Wednesday reveal ExxonMobil (XOM) CEO Rex Tillerson received a 6.6% bump in his 2010 total income despite his company’s stock underperformance.
Tillerson, who has led the world’s largest public energy company since 2006, took home $28.95 million in total compensation last year, compared with $27.17 million the year before.
In a Securities and Exchange Commission filing, Irving, Tex.-based Exxon said Tillerson earned a 2010 salary of $2.2 million, raked in $3.36 million in bonuses and received $15.47 million in stock awards. The $3.36 million bonus marked a 40% increase from 2009, compared with a 40% decrease the year before.
Tillerson also received a $7.48 million increase in pension value and nonqualified deferred compensation earnings.
By comparison, Donald Humphreys, Exxon’s treasurer, brought in $13.56 million in 2010 and Michael Dolan, a senior vice president, took home $11.56 million.
“These increases take into consideration corporate earnings, other business performance metrics, competitive positioning, and internal alignment of overall compensation levels,” Exxon said in the proxy statement.
Indeed, Exxon’s 2010 profits soared 58% and the company closed its $41 billion purchase of XTO Energy.
On the other hand, Exxon’s stock underperformed relative to peers like Chevron (CVX) and ConocoPhillips (COP). Shares of Exxon increased 7% last year, compared with a gain of 13% on the broad Standard & Poor’s 500 and a 12% rise in the CBOE basket of oil stocks.