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The wage gap between Chevron’s CEO and its employees has widened.
According to a securities report released on the 10th (local time), Chevron’s CEO, Michael Wirth, was paid $26.5 million in 2023.
This represents a 12.2% increase from the previous year, exceeding the average pay increase of the employees.
Additionally, the second-highest-paid executive, Mark Nelson, was paid $12.2 million and was promoted to vice chairman last year, earning $12.2 million, a 61.5% increase.
Chevron’s proposed $53 billion acquisition of oil producer Hess is pending regulatory approval and facing scrutiny. It also positively influenced Wirth’s salary determination, and the board stated that it strengthened the company’s portfolio.
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Last year, the average annual wage of Chevron employees in the U.S. and abroad increased by 8.7% to $175,673.
However, in 2022, the average annual wage of employees decreased by 12% to $161,488, while Wirth’s salary increased by 4%.
On the other hand, Chevron’s stock price fell 15% last year to $149, underperforming compared to its counterparts in the same industry.
The CEO’s non-equity incentive compensation decreased by 42% to $2.6 million due to penalties for cost and schedule delays on Chevron’s major projects by Wirth in Kazakhstan and overruns in capital expenditures in the U.S. Permian Basin.
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