Sunday, April 16, 2006

Capitalist of the week: $144,573 per day

Lee Raymond, the recently retired chairman and CEO of Exxon Mobil was paid more than $686 million from 1993 through 2005. That works out to be $144,573 for each day Raymond led the oil giant and it earns him the distinction of "Capitalist of the week".
Under Raymond, the company's market value increased fourfold to $375 billion, overtaking BP as the largest oil company and General Electric as the largest U.S. corporation. Net income soared from $4.8 billion in 1992 to last year's record $36.13 billion.

Shareholders benefited handsomely on his watch. The price of Exxon's shares rose an average 13 percent a year. The company, now known as Exxon Mobil, paid $67 billion in dividends.
That's some pretty handsome corporate performance. Still, is anyone really worth 144 grand each day?

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