Exxon Mobil Corp XOM.N has decided to raise the base salaries — that make up 10 per cent of overall compensation — of its chief executive officer, chief financial officer and senior vice presidents.
Darren Woods, CEO, Exxon Mobil, who used to receive $1.70 million a year, will now receive $1.88 million annually. Kathryn Mikells, CFO, Exxon Mobil, will see her base compensation increasing to $1.22 million.
The American oil company’s compensation committee has approved these hikes, which will come into effect from 1 January, 2023.
These increments are being announced hardly a month after the oil company earned record quarterly profits due to soaring prices of crude oil and gas following sanctions on Russia.
The US government has been hoping that the oil and gas companies that have made profits amidst the war would look at increasing production so that there is a dip in fuel prices for US citizens.
The oil and gas company was in the news a month ago when it fired two employees who were suspected of leaking information to the media.
Exxon had fired a scientist for letting out confidential company information and another for exhibiting inappropriate attitude and losing the confidence of the management.
As per the Department of Labour, Exxon was ordered to recall the termination of the employees and pay them $800,000 in back wages.