Just saw that XOM Executives gave themselves millions of dollars in bonuses last week, just days before issuing the list of people to terminate their employment.
It takes a special arrogance to give yourself millions while terminating thousands of jobs during holiday season.
It seems bonuses are not based on performance or success at your job. They would get zero bonuses and PIP if based on performance.
Do not forget. RSU go to BELOW executive levels also. EBU generally do not go below Executive level. Keeping the RSU helps many non-executive survivors, plus it makes it difficult for competitors to hire top performers away (Golden Handcuff). Worth about 15% extra above base salary
Restricted or not.. they get to keep their jobs for the next 4 years! By then.. they will just resign and leave the organisation like Bryan etc.. bleeding the corporation for personal benefits. Woods is amazing at that!
Who gives a damn if it is restricted? That is meaningless. It is still an asset you now own. If it wasn’t restricted would you immediately sell it all and go buy more lambos? Seriously. So sick of hearing but but it is restricted so that makes it okay that we paid ourselves these huge bonuses. DISGUSTING
This is BS. Your executive base salary is higher than the CL 29 salary. The cash bonus is icing on the cake. The lucrative icing is at risk but you still get the very high executive base salary. It is disingenuous to claim that your bonus is part of your salary.
I truly wish that EM would convert their salary system to one where a reasonable portion of each employee's salary is paid out in restricted shares, just like it is for most execs. 30% sound about right.
If your base salary was $150k, then you get $100k in cash and the remaining $50k in restricted shares with the typical 3 and 7 year payouts. Quit or get laid off, you lose what is left, just like it is for execs. Drop into the bottom 30% in ranking, you get salary only, no restricted shares. That is a real pay cut. Oh yeah, now we are getting real. Live like an exec.
With all employees and management in the same boat, perhaps then we could get past this never-ending argument of the execs and grannies getting dividend payments at the expense of employees, etc.
I wonder how the posts on these boards would change. A lot I bet. All of a sudden the dividend haters would now want the company to pay dividends out to all shareholders, by all means.
And when the stock tanks, employees lose a lot of their wealth, just like execs. The petty name calling and sniping might give way to people realizing that if they don't perform, their wealth will only decrease further.
Yes, this already happens to some extent to those who own considerable amounts of XOM stock. But far too many employees don't have enough skin in the game. Salaries yes, but everybody has that. Let's talk real skin and real commitment. Wish it would happen.
@1awd - OK, but even the restricted stock generates dividend income for the Execs. They just can't sell them or count them for voting.
Just to introduce some facts into this discussion, the bonus program was suspended for 2020 ... that is CASH and EBUs. The stock portion of the compensation was not suspended as it long term (they’re RESTRICTED for 7 years) ...
All in a day’s work for a busy psychopathic CEO.
@bkv+18
What we have here is a failure of Corporate Socialism.
Or a Success of it. All in perspective.
Anti-CorpSoc doesn't have that ring to it, though.
@azl+18dFutx3 and @egx+18dFutx3:
Put down the cup of kool-aid and read today’s news. It’s true. Gotta keep the big boys fat and happy even when they don’t deserve it.
To those saying that the OP is being untruthful, go read the SEC filings yourself. Search Exxon Mobil sec filing and you will easily find them. All nicely documented and correct. Seems like the EM loyalists are out in force tonight. Truth hurts !
If there is any inaccuracy in the post - it is the date maybe.
The decision was made Nov 24 - no doubt (it is taped).
But the payouts come a bit later.
I'm not on the Board, but not far from it.
It's real. And it's beautiful.
This is true in the sense that millions of the so called sacred dividends are being paid to many managers and executives at the company, including those at the very top who make the decision to keep paying themselves. Remember that they still get cash payments for dividends from stock awards not yet vested.
OP is lying
I read the SEC filings today and was truly shocked to read that Darren and others got a nice chunk of RSU for 2020, and in the same set of filings that the bonus program was stopped for 2020. No one else is getting RSU from what I know either, nor any pay rises according to the 6 or so emails I got last week from various LCM.
What. The. Actual. Funk. How tone deaf can a set of leaders be ? How could any of them made their metrics ? I made mine but no RSU, pay rise for me nor members of the team ! What little residual respect I had has vanished. Less than 8 years to go before I retire so I could ignore it but the unfairness of it really annoys me. Maybe I am naive but I did believe that we were in it together and that our leadership was indeed leadership, I am now not so sure.
This is a complete and utter fabricated lie.
Heartwarming to see Darren take care of himself and his direct reports at this dire time. Without those extra millions, Darren may become demotivated and not perform as well next year.
However, in any event, it will be hard for Darren to match his 2020 accomplishments: 4 straight quarters of losses, ExxonMobil kicked out of the Dow and overtaken by Chevron, 20 billion dollar write down of bad investments, deferral of earnings double promise (fantasy) until 2027, and total loss of respect and trust from employees and the public.
That’s outstanding performance and definitely worth $23 million per year!
lol well done. What happens at the top is no different than what happens at the bottom. Total and utter corruption in this organization.