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Exxon Mobil CEO Compensation Climbed 17 Percent in 2011

Exxon Mobil CEO Compensation Climbed 17 Percent in 2011

In a year in which the compensation levels for chief executive officers around the country increased, the CEO of Exxon Mobil saw his total pay rise 17 percent in 2011, according to a recent

In a year in which the compensation levels for chief executive officers around the country increased, the CEO of Exxon Mobil saw his total pay rise 17 percent in 2011, according to a recent analysis conducted by The Associated Press.

CEO Rex Tillerson, who has headed up the largest petroleum company in the U.S. since 2006, received a pay package totaling $25.2 million last year, an increase over the $21.5 million he took in in 2010.

According to The Associated Press, Exxon said that Tillerson earned the raise by increasing returns for stockholders, as Exxon was able to beat out the S&P 500 and industry average in this venue last year. In addition, the company said that its safety record was better than the industry average.

Bloomberg reports Tillerson's executive compensation disclosures included expenses such as the use of company planes. Exxon said in the filing that such costs are often necessary expenses, according to the news source.

"For security reasons, the board requires the chairman and CEO to use company aircraft for both personal and business travel," the company said. The board "considers these costs to be necessary, security-related expenses rather than perquisites, but per the disclosure regulations we report the incremental cost of aircraft usage for personal travel."