Halliburton’s CEO earned $10 million extra in 2020, regardless of pledge to chop pay By Reuters
© Reuters. FILE PHOTO: Halliburton’s president and CEO Jeff Miller, excursions the ground on the NYSE in New York
By Liz Hampton
(Reuters) -The highest govt for oilfield companies agency Halliburton (NYSE:) Co earned roughly $10 million extra in 2020 than the prior yr, regardless of firm pledges to scale back govt pay because the coronavirus pandemic crushed the oil trade, in accordance with a regulatory doc filed on Tuesday.
Chief Government Jeff Miller earned $22.3 million in 2020, versus $12.8 million the earlier yr. His compensation is 293 instances that of the median compensation for his workers.
Halliburton laid off hundreds of employees within the wake of the coronavirus pandemic, which destroyed gasoline demand worldwide, and despatched oil costs plummeting, inflicting quite a few corporations to throttle again spending.
Halliburton employed roughly 40,000 individuals worldwide on the finish of 2020, down from 55,000 a yr earlier, in accordance with its newest annual submitting.
Whereas Miller’s base wage declined by $200,000 between 2019 and 2020, he acquired some $9.7 million in inventory awards, versus $3.6 million the prior yr.
Halliburton attributed the steep leap to a change in its govt compensation plan and reporting.
“Due to a shareholder requested and overwhelmingly authorized change in our govt compensation plan, the proxy guidelines required that we mix two years of precise and doable future compensation into one yr,” Halliburton stated in an announcement.
Miller accomplished his third full yr as Halliburton’s CEO on the finish of 2020. That, mixed with modifications to the corporate’s compensation plan, elevated his 2018 efficiency unit plan cycle award payout by $3.7 million and inventory awards by $5 million for 2020, in accordance with the corporate proxy.
Lance Loeffler, Halliburton’s chief monetary officer reported annual earnings of $3.8 million in 2020, versus $2 million the prior yr. His base wage jumped from $650,000 to $709,000, and his whole earnings had been additionally bolstered by inventory rewards.
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