Recently retired Chevron (NYSE:CVX) CEO John Watson topped the list of highest-paid energy executives in the S&P 500, taking home more in 2017 than his counterpart at Exxon Mobil (NYSE:XOM) for the first time since he took charge at the company in 2010.
Watson received $24.8M in 2017 compared with the $17.5M earned by first-year XOM boss Darren Woods last year, according to a WSJ analysis of pay data.
Only 54% of CVX stockholders supported Watson’s pay in 2016, but 93% approved in 2017 after his compensation was changed to tie more to stock awards and rely less on option awards; CVX's total shareholder return for 2017 was 10.6%, compared a 3.8% loss at XOM and a median 3.3% loss for the S&P energy sector.
Phillips 66 (NYSE:PSX) CEO Greg Garland garnered $23.7M in compensation last year as the company posted a 20.9% shareholder return; the median pay for an energy sector CEO in the S&P 500 was $12.7M in 2017, according to the WSJ analysis.
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