https://www.reuters.com/business/energy/chevron-ceos-pay-rose-12-265-million-2023-2024-04-10/
23 replies (most recent on top)
Uhh, yeah, being in the top 5% or so of earners really strikes a blow to ones relative "quality of life" lol.
What we’re not addressing is how much quality of life as a CVX employee has deteriorated (especially during the past 7-10 yrs)
@4ttz - your numbers on median employee are off, based on what’s published in the annual report: median annual compensation for employees (U.S. and abroad) rose 8.7% to $175,673 in 2023. In 2022, the medium compensation for workers was $161,488.
So while MW, and most other CEOs in America, are grossly overpaid, the CVX employees are still quite handsomely paid compared to the general populace.
There is another dynamic at play in this result:
“"The numbers show an increased gap between compensation for executives and Chevron's 45,511 workers. The median annual compensation for Chevron employees in the U.S. and abroad last year rose 8.7% to $125,673. In 2022, the medium compensation for workers had dropped 12% to $111,488, while Wirth's pay had increased 4%."
We are actively pushing out more mature (ahem) personnel in favor of younger (less pay) personnel. Would love to also see some analysis of salary increases by age bracket.
Reuters:
"The numbers show an increased gap between compensation for executives and Chevron's 45,511 workers. The median annual compensation for Chevron employees in the U.S. and abroad last year rose 8.7% to $125,673. In 2022, the medium compensation for workers had dropped 12% to $111,488, while Wirth's pay had increased 4%."
Compensation committees always raise CEO pay, never decrease or fires these clowns. The CEO always gives the board a raise. It's a daisy chain of BS. No accountability for the cost overuns by any of the execs. The directors reward the CEO with a pay bump believing Hess is a good deal and not overpriced (It is overpriced!).
The only reason in the world you non high-pots should be working hard at Chevron is to make your resume look good for your next job, no later than year 15 of your career. Otherwise, if you’re over 45 (hence unhireable elsewhere), kick back, drink coffee all day, edit the same spreadsheet or PowerPoint all day, take long lunches, put in the minimum amount of work (to get your sub-inflation “raise”) and catch that van pool. Do like Mike does, milk the system as long as you can. Otherwise continue to watch the high pots and diversity hires catapult over you.
I have a different perspective… I understand the system is different above PSG 30. Let’s accept that. What is comparable is the raise on base salary. Apples to apples comparison… are we all in the same boat? MW and all 5 most paid execs got between 7 and 9% merit increase… while structure was 4%, while we are asked to work within TR constraints (ie can’t give even structure when your people are above CO), and told no promotion (GOM last year). Time to vote with my feet and go explore the world.
2Fbl - you don’t need to pay $26 million to attract and retain leadership. Chevron has always promoted CEOs from within so there really isn’t a competitive marketplace that drives the need to pay that much, and there is no significant track record of Chevron executives being poached by outside firms for for their extraordinary talents. Seems highly unlikely if the gave MW just $10 million that he’d storm out the door.
Interestingly the norm for CEO for obscene pay was created by the CEOs in the US. In Europe the pay for CEOs were more inline with senior managers. However with the US expats going there the pay gap between US and EU CEOs has narrowed in last five years. The main culprits of these pay hikes are the so called independent boards. It is their best interest to give money to the CEO so that they can make obscene money attending one meeting in every quarter, while pretending they are independent. If you ever have a chance to attend board meetings, you can watch their slavish mentality, and it is spectacularly more crude than a PSG24 su-king up a PSG26.
MW is mad because Exxon CEO now makes much more than him, $37M.
What really bothers me is that MN received a huge boost in pay over 60%. It's completely out of line. This shows me that they are out of touch with reality.
Wonder if you were CEO would have felt the same or not, this is a norm for almost any CEO, even if they kick a CEO out, he/she will leave office with more money compared to the scenario of not being kicked out. It is just a system that is designed to attract and maintain top leadership talent [leadership talanent here is subject to discussion of course]
Oh but they waived the retirement age for MW - he will be collecting his big bucks for a while!
Once again we got the scraps from Long-shanks table. Barely keeping up with inflation, if that.
Maybe he got the big bucks because the Kazakhstan project budget dropped from $47 billion down to $37 billion and is way ahead of schedule - oh, wait that’s backward isn’t it?
To Mike and the board with love 👉 🖕
The board and executives are out of touch. If they wanted to help make the company better help the people actually doing the work. Instead there have been quiet contractor layoffs and extreme budget pressure. It's ridiculous!
Article also says “The CEO’s non-equity incentive plan compensation dropped 42% to $2.6 million, with Wirth being punished for cost and schedule slippage on Chevron's major project in Kazakhstan and capital expenditures overruns in the U.S. Permian Basin.”
MN got over 60%
Absolutely sickening ! Totally corrupt board and executives!
How does that Richard Su---r get 12.5% when we all got 2%.
Has he ever been held accountable to the company's performance under his leadership?