Nowhere To Hide

When Exxon filed its definitive proxy statement with the SEC in April, the business press zoomed in on one juicy bit of data in the 129-page document: former CEO Lee Raymond's retirement package.

Various analysts added up the numbers and declared Raymond's golden parachute to be worth a colossal amount--as much as $400 million, depending on how it was counted. ABC News reported Raymond's 2005 salary alone as "equivalent to $141,000 a day, nearly $6,000 an hour," and "five times what the CEO of Chevron made."


Michael T. Burr

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