Lee Raymond, who retired at the end of last year as chairman of Exxon Mobil Corp., the world’s largest publicly traded oil and gas producer, said his compensation was justified by the company’s performance.
Raymond, 67, who led the company for 12 years and took it through the $85.2 billion purchase of Mobil Corp. in 1999, retired in January with stock and benefits worth $357 million, according to a filing this month.
The total includes a $98.4 million lump-sum payment of pension benefits and the year-end valuation of the stock and stock options accumulated in more than 40 years with the company.
Exxon Mobil shareholders have expressed concern that Raymond’s pay is far higher than chief executives at competitors Chevron Corp. and ConocoPhillips.
Raymond said that compensation for all Exxon Mobil employees is tied to the performance of the company, and critics who say that they are unfairly benefiting from record oil prices are wrong. Profit for Irving, Texas-based Exxon Mobil climbed last year to a U.S. record $36.1 billion.
“When the company does well, the shareholders and the employees should do well,” Raymond said at a forum sponsored by the Center for Energy, Marine Transportation and Public Policy at Columbia University in New York on Tuesday.
During the 12 years Raymond led Exxon Mobil, the company’s stock rose an average of 13 percent annually, compared with a 10 percent average for the Standard & Poor’s 500.
Raymond said he had no input on Exxon Mobil’s decision.
