Compensation: Sweet Sorrow At Exxon

Sweet Sorrow At Exxon

It may not be the ultimate in golden send-offs, but Exxon is paying President Howard C. Kauffmann and a senior vice president, Donald M. Cox, both 62, a total of $2.87 million to take early retirement in May. Kauffmann, whose 1984 salary and bonus totaled $980,518, will receive a farewell stipend of $1.63 million. Cox, who was paid $715,127 last year, will receive a $1.23 million bonus.

Exxon explained that the golden send-off was its way of making room at the top. Since 1983, three members of the company's board of directors have / received similar payments. Said the company proxy...

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