CEO Paal Kibsgaard received total compensation worth $18.3 million in 2015, the company reported, down only slightly from $18.5 million the year before. . . . The company cut 25,000 jobs during the year, or 20% of its workforce. Revenue was down 27%, and profit plunged 41%. Schlumberger (SLB) shares tumbled 18%.From CNN.
The weak results and layoffs are the result of the plunge in the price of oil.
The modest drop in Kibsgaard's compensation was the result of the performance of his pension plan. His base salary and stock were up from 2014 levels. The cash he took home jumped 12% to $5.2 million.
19 February 2016
CEO Pay Still Rotten
The pay of the CEO of the publicly held oil company, Schlumberger, illustrates how in the world of executive compensation, pay for performance is a heads I win, tails I lose, proposition. Notably, the stock markets were not impressed with the company's lack of accountability.