XTO Energy Chairman Bob Simpson, who last year was among the world’s highest-paid corporate executives, took a $3 million pay cut for 2007 but still enjoyed a $56.6 million paycheck for leading Tarrant County’s biggest energy company, the company said Monday.
Simpson, 60, saw his annual bonus increase to $35.5 million, but the value of his stock-related compensation was down nearly 28 percent as the company’s earnings last year slid more than 8 percent compared to a year earlier. The XTO co-founder’s annual salary rose nearly 9 percent to just over $1.3 million.
The top five executives at the Fort Worth-based independent producer together earned $111.7 million, according to XTO’s latest proxy filing, which details executive compensation and other corporate governance issues.
President Keith Hutton was the second-highest paid officer at $20.7 million, followed by Senior Executive Vice President Vaughn Vennerberg at $19.7 million.
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All the compensation figures are calculated using Associated Press’ formula, which adds salary, bonus, other compensation and grants of plan-based awards, which estimate the value of stock awards.