Summary
Exxon Mobil Corporation (XOM) filed an 8-K report on November 30, 2017, detailing a key compensation adjustment for its Chief Executive Officer. Effective January 1, 2018, the annual salary for D. W. Woods, Chairman and CEO, was increased to $1,400,000. This change was approved by the Compensation Committee of the Corporation's Board of Directors. It is important for investors to note that, in line with other ExxonMobil executive officers, Mr. Woods is an at-will employee. This means he does not have a formal employment contract, which is a standard practice for executive compensation in many large corporations and offers flexibility to both the company and the executive.
Key Highlights
- 1CEO D. W. Woods' annual salary increased to $1,400,000, effective January 1, 2018.
- 2The salary increase was approved by ExxonMobil's Compensation Committee.
- 3The change reflects a compensation adjustment for the company's top executive.
- 4Mr. Woods is an at-will employee, lacking a formal employment contract.
- 5This is a standard disclosure under Item 5.02 of Form 8-K regarding executive officers.
Frequently Asked Questions
This 8-K filing is primarily to disclose a change in the annual salary of ExxonMobil's Chairman and CEO, D. W. Woods, which is an important event related to executive compensation.
The new annual salary for D. W. Woods, effective January 1, 2018, is $1,400,000.
No, the filing explicitly states that D. W. Woods, like all ExxonMobil executive officers, is an at-will employee and does not have an employment contract.
The increased annual salary for the CEO takes effect on January 1, 2018.