IRVING, Texas-- Exxon Mobil Corp. Chairman Lee R. Raymond, who retires January 1, has agreed to provide transition services for the company in exchange for a fee of $1 million, in addition to other perks such as security detail and use of the company jet, said the Dallas Business Journal.
Under the retirement contract, beginning January 1, Raymond will assist in the transitioning of major strategic corporate relationships and will participate in external activities and events as requested by the company's new chairman, according to a regulatory filing [image-nocss] with the U.S. Securities & Exchange Commission (SEC).
Raymond will be paid the $1 million in a single payment in December 2006 for his services, said the report.
In addition, Raymond, who has served as Exxon's chairman since 1993, will be provided protective services, including a security system at his personal residence, personal security and a car and personal security driver, the report said. Raymond also will have use of the company aircraft.
The oil company has not yet reported Raymond's 205 compensation. In 2004, the executive received a $38 million compensation package, including a base salary of $3.6 million, a $3.9 million bonus and restricted stock worth $28 million, said the newspaper.
Raymond is being succeeded by Rex W. Tillerson.
Irving-based Exxon earned a record $25.33 billion in 2004 on record revenue of $298.03 billion.
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