Lee Raymond
Encyclopedia
Lee R. Raymond was the Chief Executive Officer and Chairman of ExxonMobil
from 1999 to 2005. He had previously been the CEO of Exxon
since 1993. He joined the company in 1963 and has been president since 1987 and a director since 1984.
On August 4, 2005, Raymond announced that he would retire at the end of 2005 as ExxonMobil's Chairman and CEO. ExxonMobil president Rex W. Tillerson succeeded Raymond on 1 January 2006. On April 14, 2006, it was reported that Raymond's retirement package was worth about $400 million, the largest in history for a U.S. public company. However, the majority of that sum consisted of retirement-independent salary, bonuses, stock options, and restricted stock awards from his final year and prior years that, while high, are by no means unprecedented among major American CEOs. Retirement-specific payments in accordance with the standard pension plan provided to all ExxonMobil employees totaled around $100 million, calculated based on his over forty years of service and his salary upon retirement.
His son, John T. Raymond, is active in the oil and gas industry. John partnered with the Jim Flores and Paul Allen-backed Vulcan Capital in the buyout of Plains Resources.
Lee Raymond received the Woodrow Wilson Award
from the Woodrow Wilson International Center for Scholars
of the Smithsonian Institution
for Corporate Citizenship during a dinner held in his honor in Dallas, Texas in early 2003.
Raymond was chair of the NPC when it was asked to produce a report on the future of oil supply and demand.http://www.usatoday.com/money/industries/energy/2005-11-24-peak-oil-usat_x.htm
The report of 18 July 2007 by the National Petroleum Council
, of which Raymond is a member, argues, contrary to Raymond's former position on this matter, for an international framework to tackle emissions of carbon dioxidehttp://www.npc.org/7-18_Press_rls-post.pdf, suggesting that Raymond has taken a greener stand on energy policy after his retirement from Exxon.
Other
ExxonMobil
Exxon Mobil Corporation or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas...
from 1999 to 2005. He had previously been the CEO of Exxon
Exxon
Exxon is a chain of gas stations as well as a brand of motor fuel and related products by ExxonMobil. From 1972 to 1999, Exxon was the corporate name of the company previously known as Standard Oil Company of New Jersey or Jersey Standard....
since 1993. He joined the company in 1963 and has been president since 1987 and a director since 1984.
On August 4, 2005, Raymond announced that he would retire at the end of 2005 as ExxonMobil's Chairman and CEO. ExxonMobil president Rex W. Tillerson succeeded Raymond on 1 January 2006. On April 14, 2006, it was reported that Raymond's retirement package was worth about $400 million, the largest in history for a U.S. public company. However, the majority of that sum consisted of retirement-independent salary, bonuses, stock options, and restricted stock awards from his final year and prior years that, while high, are by no means unprecedented among major American CEOs. Retirement-specific payments in accordance with the standard pension plan provided to all ExxonMobil employees totaled around $100 million, calculated based on his over forty years of service and his salary upon retirement.
His son, John T. Raymond, is active in the oil and gas industry. John partnered with the Jim Flores and Paul Allen-backed Vulcan Capital in the buyout of Plains Resources.
Lee Raymond received the Woodrow Wilson Award
Woodrow Wilson Award
Woodrow Wilson Awards are given out multiple times each year by the Woodrow Wilson International Center for Scholars of the Smithsonian Institution to individuals in both the public sphere and business who have shown an outstanding commitment to President of the United States Woodrow Wilson's dream...
from the Woodrow Wilson International Center for Scholars
Woodrow Wilson International Center for Scholars
The Woodrow Wilson International Center for Scholars , located in Washington, D.C., is a United States Presidential Memorial that was established as part of the Smithsonian Institution by an act of Congress in 1968...
of the Smithsonian Institution
Smithsonian Institution
The Smithsonian Institution is an educational and research institute and associated museum complex, administered and funded by the government of the United States and by funds from its endowment, contributions, and profits from its retail operations, concessions, licensing activities, and magazines...
for Corporate Citizenship during a dinner held in his honor in Dallas, Texas in early 2003.
Raymond was chair of the NPC when it was asked to produce a report on the future of oil supply and demand.http://www.usatoday.com/money/industries/energy/2005-11-24-peak-oil-usat_x.htm
The report of 18 July 2007 by the National Petroleum Council
National Petroleum Council
The National Petroleum Council is an American advisory committee representing oil and natural gas industry views to the Secretary of Energy.The council was established in 1946 at the request of President Harry S. Truman to represent industry views on any matters relating to oil and natural gas...
, of which Raymond is a member, argues, contrary to Raymond's former position on this matter, for an international framework to tackle emissions of carbon dioxidehttp://www.npc.org/7-18_Press_rls-post.pdf, suggesting that Raymond has taken a greener stand on energy policy after his retirement from Exxon.
Education and Background
- Raymond was born in Watertown, S.D., in 1938 and graduated from Watertown High School in 1956.
- Raymond received a Bachelor's degree in chemical engineering from the University of Wisconsin–MadisonUniversity of Wisconsin–MadisonThe University of Wisconsin–Madison is a public research university located in Madison, Wisconsin, United States. Founded in 1848, UW–Madison is the flagship campus of the University of Wisconsin System. It became a land-grant institution in 1866...
in 1960. - Raymond earned his Ph.D. in Chemical Engineering from the University of MinnesotaUniversity of MinnesotaThe University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
. He was awarded an honorary doctorate of laws degree from the same university in 2001. - Met his wife while studying at the University of Wisconsin–MadisonUniversity of Wisconsin–MadisonThe University of Wisconsin–Madison is a public research university located in Madison, Wisconsin, United States. Founded in 1848, UW–Madison is the flagship campus of the University of Wisconsin System. It became a land-grant institution in 1866...
; she was pursuing, and later earned, a degree in journalism.
External links
Articles by Lee Raymond- Article: World Energy Magazine - The Future of Energy in Emerging Asia
- Article: World Energy Magazine - The United Kingdom Leads Europe’s Growing Import Demand
Other
- Article on retirement package, ABC News
- Exxon’s CEO didn’t really get a $398 million retirement package, Truth on the Market blog
- SEC-filed Proxy Statement detailing Raymond's retirement compensation, SEC (US Securities and Exchange Commission)
- Enemy of the Planet New York Times piece by Paul KrugmanPaul KrugmanPaul Robin Krugman is an American economist, professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and an op-ed columnist for The New York Times...
, 17 April 2006 - Scientists offered cash to dispute climate study Guardian article by Ian Sample, 2 February 2007
- Lee R. Raymond bio