Chevron CEO pay rose 4% to $23.6 million in 2022, employee compensation fell
Reuters
Published Apr 12, 2023 04:58PM ET
Updated Apr 13, 2023 04:57AM ET
By Sabrina Valle
HOUSTON (Reuters) - Chevron Corp (NYSE:CVX) CEO Michael Wirth was paid $23.6 million in 2022, a 4% increase from the prior year while the median annual compensation for the oil giant's employees fell 12%, a securities filing showed on Wednesday.
In addition to sky-high energy prices, cost-cutting measures including payroll reductions helped Chevron's profit more than double in 2022 to a record $36.5 billion.
The median annual compensation for Chevron employees last year dropped to $161,488.
Under a new metric required by the U.S. Securities and Exchange Commission, Wirth's "actual compensation paid" rose 60% to $86.7 million when equity awards, pension benefit adjustments and other compensation were factored in.
Chevron said the figure did not represent Wirth's actual realized compensation as it includes equity-based awards - the value of which is not known until options are exercised or stock is sold.
According to shareholder advocacy group As You Sow, Wirth last year ranked 87th on a list of 100 CEOs that it says received unjustified pay levels.
CEO compensations are set to the rise 30% to an average of $38.1 million this year, according to As You Sow. Most companies approve compensations in the prior year.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.