(Adds current salary seventh paragraph)
By Ernest Scheyder
HOUSTON, April 13 U.S. Secretary of State Rex
Tillerson received compensation worth $27.4 million last year
when he was chief executive of Exxon Mobil Corp, the
world's largest publicly traded oil producer, regulatory filings
showed on Thursday.
He and other senior executives got raises even though
Exxon's net income fell more than 50 percent in 2016 as the
company, like many of its peers, tried to cut costs and weather
a period of low oil prices.
The value of Tillerson's compensation package last year rose
about 0.5 percent largely due to a 4 percent boost in his salary
to $3.2 million and an 8 percent jump in the value of stock
awards to $19.7 million, an Exxon filing with the Securities and
Exchange Commission showed.
The value of perquisites Tillerson received from Exxon last
year, including personal security and a life insurance policy,
rose 7 percent to $575,850.
Tillerson, 65, was nominated by then President-elect Donald
Trump to be secretary of state in December. Tillerson retired
from Exxon at the end of the year. He was confirmed by the U.S.
Senate in early February.
His current post carries an annual salary of $207,800,
according to the federal Office of Personnel Management tables.
As part of an ethics agreement when Tillerson assumed his
government post, Tillerson forfeited unvested Exxon stock worth
$2.8 million and potential for a bonus of $3.9 million. He also
waived his right to retiree health benefits.
Tillerson's vested Exxon stock was put into a trust worth
about $180 million at the time, the proceeds of which will be
paid out over the next decade, much in the same way proceeds are
paid out to all Exxon retirees. The trust is prohibited from
investing in Exxon.
Tillerson will not be allowed to work anywhere in the oil
and gas industry for the next decade. If he does, the entire
trust's value would be donated to a charity that neither he nor
Exxon chooses, according to the regulatory filings.
Darren Woods, Exxon's CEO as of January, saw his
compensation rise 64 percent last year, when he was Exxon's
president, to $16.8 million. Woods saw his base salary rise 36
percent to $1 million and the value of stock and stock option
awards, his pension and company perquisites, including the cost
of a home security system, rise as well.
(Reporting by Ernest Scheyder; Editing by Cynthia Osterman)