Now that’s a pension. John Watson of Chevron.
John Watson, CEO of Chevron oil.
“The world is upside down. The lead article shows that CEOs now make 200 times what the average worker makes as opposed to the old days when it was 18 times. And our pensions are exorbitant?” writes Gary Elmen of the Illinois Retired Teachers Association.
He sends along this link.
>2012 value: $6 million pension
>CEO: John Watson
John Watson became Chevron’s chairman and CEO in 2010 after holding various positions in the company, including vice chairman of the board, since 1980. Watson’s compensation was $32.2 million in 2012. This seems to have raised the concern of shareholders, who noted that GMI/The Corporate Library, an independent investment research firm, downgraded the company’s shares to a “D.” Some of GMI’s concerns included executive pay. Referencing GMI, a shareholder petition called the raise a “whopping 52% increase that included a $6 million pension increase.” Chevron was fined $19 billion in an Ecuadorian court for environmental damage. Some activists and shareholders have called for Watson’s removal as a result of the scandal. After a lengthy trial, there is currently a ruling pending in New York to determine whether the prosecutor in Chevron’s case fabricated some of the claims made against the oil company.