8-KLeadership Changes

EXXON MOBIL CORP 8-K Report, Executive Changes (Dec 6, 2016)

Filed December 6, 2016For Securities:XOM

Summary

Exxon Mobil Corporation (XOM) filed an 8-K on December 5, 2016, reporting a change in executive compensation. The most significant disclosure is the increase in the annual salary for D. W. Woods, who serves as President and a Director of the company. This salary adjustment is set to take effect on January 1, 2017. This filing indicates a proactive approach by the Compensation Committee to adjust executive pay. While the specific reasons for the salary increase are not detailed, it is standard practice for publicly traded companies to review and adjust executive compensation periodically to align with performance, industry standards, and retention strategies. Investors should note that Mr. Woods, like other ExxonMobil executive officers, is an at-will employee, meaning there is no fixed-term employment contract in place.

Key Highlights

  • 1Increase in annual salary for D. W. Woods, President and Director, to $1,200,000.
  • 2Salary increase is effective January 1, 2017.
  • 3The Compensation Committee of the Board of Directors approved the salary adjustment.
  • 4D. W. Woods is an at-will employee, with no employment contract.
  • 5Other ExxonMobil executive officers are also at-will employees.
  • 6Filing made on December 5, 2016, with the earliest event reported on November 30, 2016.

Frequently Asked Questions

The main purpose of this 8-K filing is to report a change in executive compensation, specifically the increase in the annual salary for D. W. Woods, President and Director of Exxon Mobil Corporation.

The increased salary of $1,200,000 for D. W. Woods will be effective starting January 1, 2017.

No, D. W. Woods does not have an employment contract. Like all ExxonMobil executive officers, he is considered an at-will employee.

This specific 8-K filing primarily focuses on the executive compensation adjustment for D. W. Woods. It does not contain broader financial performance data or other significant financial disclosures beyond this compensation change.