Chevron Boss, Not Exxon’s, Was Highest Paid in 2017
By: Wall Street Journal
July 9, 2018
Recently retired John Watson of the oil giant Chevron Corp. CVX 0.06% topped the list of highest-paid energy bosses in the S&P 500, taking home more in 2017 than his counterpart at Exxon Mobil Corp. XOM -0.76%
Mr. Watson, 61, received $24.8 million in 2017, compared with the $17.5 million that first-year Exxon chief Darren Woods was paid last year, according to a Wall Street Journal analysis of pay data from MyLogIQ LLC. Mr. Woods took over on Jan. 1 after Rex Tillerson left Exxon to join the Trump administration.
It was the first time since Mr. Watson took over as CEO in 2010 that he outearned Exxon’s leader. Before Mr. Watson’s tenure, Chevron’s CEO sometimes out-earned Exxon’s, even though Exxon is larger in terms of revenue and market capitalization.
After 37 years at Chevron, Mr. Watson retired and was replaced as CEO in February by Michael Wirth, who oversaw the company’s network of refining and pipeline assets.
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