Exxon Suspends Employee Bonuses After Oil-Market Collapse
- Top five Exxon executives will still receive stock awards
- Oil supermajor “exercised discretion” due to weak earnings
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Exxon Mobil Corp. is suspending employee bonuses for this year after the crude-market collapse spurred a record run of quarterly losses for the oil titan. Top executives, however, will still receive stock awards.
The Exxon board’s compensation committee “exercised discretion in light of challenging industry conditions and resulting company earnings,” the company said in a regulatory filing on Monday. Chief Executive Officer Darren Woods and his four top lieutenants will receive restricted stock units, according to a separate filing on Tuesday.