Chevron cuts bonus for CEO, other execs

Source: San Francisco Chronicle

Chevron Corp.'s board on Wednesday cut the annual bonus for CEO John Watson and several other top executives in response to a string of accidents at the oil company's facilities, including a refinery fire in Richmond that sent thousands of people to hospitals complaining of breathing problems.

The bonus cuts were in excess of 10 percent and follow the board's decision earlier this year to reduce the number of stock options Watson received for his 2012 performance. The company did not identify the other executives whose bonuses were cut.

Based in San Ramon, Chevron last year scored its second-highest annual profit ever, making $26.2 billion. But it also suffered several high-profile accidents in the past two years, as well as the Richmond blaze.

... As with many executives, Watson's makes more in bonus, stock awards and options than salary. In 2011, the last year for which information is available, Watson made $24.7 million, including $1.57 million in salary. It was unclear Wednesday how much the reduced bonus, stock awards and option grants will lower Watson's total compensation.


Read more: http://www.sfgate.com/news/article/Chevron-cuts-bonus-for-CEO-other-execs-4390308.php