ExxonMobil’s Chairman Draws Big Retirement (Editorial)

There’s been a big outcry from many people about Lee Raymond’s retirement package.

Raymond retired at the end of 2005 after 13 years at the helm of ExxonMobil, which unseated Wal-Mart Stores Inc. in 2005 the nation’s largest company as measured by revenue.

Raymond received about $400 million in his final year with ExxonMobil. That’s a big chunk of the $686 million in compensation he received from 1993 to 2005. It amounts to $144,573 per day during his 13-year reign, according to an article in The New York Times.

ExxonMobil defended the retirement package in its proxy statement, saying it included a $98 million pension that rewarded Raymond for 43 years of service to the company. By comparison, Wal-Mart CEO Lee Scott was paid a paltry $6.27 million in salary and bonuses last year.

Raymond’s retirement package wouldn’t have stirred up the wrath of so many if it were not for the fact that gasoline prices have been going through the roof while Exxon posted the biggest profit ever made by any company in a single year — $36 billion.

So while the rest of us complain about empty wallets after visiting the local gas pumps, there’s at least one person who’s probably smiling.

We won’t argue whether the retirement package is outlandish or if he deserves such a sweet deal. You don’t need us to tell you what to think on that. We will say we’re a bit envious.