Chevron Former CEO O'Reilly 2009 Compensation Valued At $16.5 Million
HOUSTON -(Dow Jones)- Chevron Corp. (CVX) former Chairman and Chief Executive David O'Reilly received $16.5 million in total compensation in 2009, a 11.5% increase from the previous year, according to a securities filing released Thursday.
O'Reilly, who retired from the San Ramon, Calf.-based company in December, received a $1.79 million base salary, up 8.6% from 2008, and cash bonuses totaling $3 million, down from $3.22 million. He also received shares of Chevron stock valued at $5.1 million, a roughly $807,000 increase from 2008, and he gained $4.83 million by exercising 315,000 options. Other compensation, including O'Reilly's use of the company aircraft and home security, was valued at $517,228. The value of O'Reilly pension for 2009 was $1.3 million.
John Watson, Chevron's new chief executive and formerly the company's vice chairman, received $8.79 million in total compensation in 2009, a 58% increase from the previous year.
Chevron Chief Financial Officer Patricia Yarrington received $6.35 million in total compensation. She is Chevron's lowest paid "C-suite" executive, according to the company's filing. Yarrington became the company's CFO in January of 2009 after being promoted from vice president and treasurer.
-By Isabel Ordonez, Dow Jones Newswires; 713.547.9207; email@example.com
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