Edward Jaffe wrote:
Robert Justice wrote:
exactly, we need to cut ceo compensation by 90% in this country, and
in some cases, like the one idiot that got almost 400 million, by 99%.
Huh?? Lee Raymond was certainly no idiot! In his 12 years as CEO he
handled take-overs of -- among others -- Canada's Imperial Oil,
oversaw (what was then) the largest corporate merger in history with
Mobil Oil, led ExxonMobil to garner Forbes' prestigious "#1 Company in
America" rating, and increased the stock price by over 500%! Under his
leadership, ExxonMobil made tremendous improvements in technology and
productivity, invented and patented new lubricants and other
industry-related technologies, built a massive pipeline from Canada
(our largest supplier of foreign oil) to the Gulf of Mexico to help
mitigate future hurricane-related disruptions, and invested $ billions
in new exploration both domestically and abroad.
XOM shareholders overwhelmingly agree Mr. Raymond's accomplishments
were worth every penny awarded him by the board -- literally a "drop
in the bucket" when compared to the company's capitalization and
quarterly dividend payout. If you took his final payout after 12 years
of service and divided it evenly by the 20 million individual XOM
shareholders, it would come to only about $1.65 per year per
shareholder. If you further weighted shareholder contributions by
shares of common stock held (as is done for dividends), the amount
paid by an ordinary individual shareholder like me would be just a few
pennies. Trust me, XOM dividends pay a *lot* better than that -- with
a current forward annual dividend rate of about $1.40/share! Then
again, if you were an XOM stock holder, you would already know that ...
One man/person doesn't do it all. Exxon/Mobil succeeded because of the
efforts of all its employees not only the CEO.
--
Mark Jacobs
Technical Services
Time Customer Service - Tampa, FL
------
I will accept the rules that you feel necessary to your freedom. I am free,
no matter what rules surround me. If I find them tolerable, I tolerate them;
if I find them too obnoxious, I break them. I am free because I know that I
alone am morally responsible for everything I do.
Robert A. Heinlein - The Moon is a Harsh Mistress (1966)
----------------------------------------------------------------------
For IBM-MAIN subscribe / signoff / archive access instructions,
send email to [EMAIL PROTECTED] with the message: GET IBM-MAIN INFO
Search the archives at http://bama.ua.edu/archives/ibm-main.html
