Burgess COMMENTARY

Peter Burgess

Executive Compensation 2011 Chevron Chevron boss John Watson made $25 million in 2011

http://www.bizjournals.com/sanfrancisco/news/2012/04/13/chevron-boss-john-watson-made-25m-2011.html

Chevron paid its CEO and chairman, John Watson, $24.7 million in total compensation in 2011.

John Watson, Chevron Corp.’s 55 year old CEO and chairman, was paid a salary of $1.57 million in 2011 and his total compensation for the year was $24.7 million. According to the proxy card filed by Chevron (NYSE: CVX), Watson’s total compensation jumped from $16.3 million in 2010, when his salary was $1.48 million. He’s been CEO and chairman since January 2010. Watson’s compensation included $24,240 in “financial counseling” services, $2,953 for motor vehicle use, $57,362 for use of corporate jets for travel (unlike other senior executives, who aren’t often allowed to use jets for personal travel, Watson is “requested” to do so by the board for security reasons) and $65,938 on “home security improvements following a home security assessment.”

Chief Financial Officer Pat Yarrington earned a salary of $842,500 in 2011, up from $776,667 in 2010. Her total compensation jumped to $11.3 million in 2011, up from $6.8 million in 2010.

George Kirkland, Chevron’s vice chairman and executive vice president, was paid a salary of $1.27 million in 2011, up from $1.19 million in 2010. Kirkland’s total 2011 compensation was $16.5 million, up from $12.4 million the previous year

San Francisco Business Times by Steven E.F. Brown, Web Editor
Date: Friday, April 13, 2012, 1:27pm PDT