Bonus slashed: Rex Tillerson
Tillerson pay up but bonus slashed
ExxonMobil boss Rex Tillerson will receive a 7% increase in salary next year, but the US supermajor's board of directors cut his bonus this year nearly in half in a year of sharply lower profits, according to a regulatory filing today.
Tillerson is due to receive $2.2 million in salary next year, down from $2.06 million this year, a filing with the US Securities and Exchange Commission showed.
This year, Tillerson was granted a bonus of $2.4 million, down 40% from a year ago.
Steep declines in crude oil prices and the global recession's toll on fuel demand have hurt the earnings of ExxonMobil and other integrated oil companies.
In the third quarter, the company's profit tumbled 68% and fell short of Wall Street expectations, according to a Reuters report.
Shares of Exxon ended up 1.3 percent, or 97 cents, at $76.04.
So far this year, the stock has fallen about 5%, underperforming an 18% gain in the Chicago Board Options Exchange index of oil companies.