Summary
This 8-K filing from ExxonMobil (XOM) reports on adjustments to the annual salaries of key senior executives, effective January 1, 2023. The most significant change is for Chairman and CEO D. W. Woods, whose annual salary will increase to $1,875,000. Other senior officers, including the CFO and two Senior Vice Presidents, will also see their annual salaries adjusted to reflect new rates. This information is important for investors to understand executive compensation trends within the company, particularly as it relates to leadership performance and retention.
Key Highlights
- 1Annual salaries for four key senior executives at ExxonMobil have been increased, effective January 1, 2023.
- 2Chairman and CEO D. W. Woods' annual salary will increase to $1,875,000.
- 3Senior Vice President and CFO K. A. Mikells' annual salary will increase to $1,221,000.
- 4Senior Vice President N. A. Chapman's annual salary will increase to $1,199,000.
- 5Senior Vice President J. P. Williams' annual salary will increase to $1,210,000.
- 6All executive officers are employed on an 'at will' basis and do not have employment contracts.
- 7These salary adjustments were approved by the Compensation Committee of ExxonMobil.
Frequently Asked Questions
The primary purpose of this 8-K filing is to announce the approved increases in annual salaries for key senior executives of ExxonMobil, effective January 1, 2023.
The executives receiving a salary increase are D. W. Woods (Chairman and CEO), K. A. Mikells (Senior Vice President and CFO), N. A. Chapman (Senior Vice President), and J. P. Williams (Senior Vice President).
No, this filing explicitly states that all ExxonMobil executive officers are 'at will' employees and do not have employment contracts. The changes are solely to their annual base salaries.
The new annual salary rates are effective starting January 1, 2023.