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ExxonMobil CEO's Income Rose 37% in 2004

April 18, 2005
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ExxonMobil Corp. hiked CEO Lee Raymond's income by 37% to $38.1 million in 2004 after the oil major's net income was the second highest in U.S. history.

Raymond's salary rose 11% to $3.6 million and his bonus was up 10% to $3.92 million, according to a year-end annual filing with the Securities and Exchange Commission. Most of the raise came from restricted stock awards, which were hiked 56% to $28 million. Raymond's club memberships, use of company aircraft and other compensation was $395,382 last year, according to the filing.

Last year, the company's oil and natural gas production reached 4.2 MMboe/d, which was its first increase in four years. Net income rose 18% to $25.3 billion.

The filing also noted that Exxon has nominated William W. George, a professor of management practice at Harvard Business School, to the board of directors.

George retired in 2002 as chairman of medical device company Medtronic Inc., a medical device company. He already serves on the boards of Goldman Sachs Group Inc. and Novartis AG.

The recommendation of George, which will be voted on in May, was developed by the nonemployee directors on the board affairs committee, according to the filing. Harry J. Longwell, an executive vice president and director, retired Dec. 31 and is not seeking reelection to the board.

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