9.9 Billion 3rd quarter profit- there's the number 9.9M in 3rd quarter-Yikes!

Date:   12/29/2005 8:34:19 AM ( 19 y ago)

The Five Dumbest Things Lab enjoys a little Christmas spirit as much as anyone. So in place of our traditional dunce cap we've donned a cheery Santa hat for today's countdown of The Five Smartest Things on Wall Street This Year. Let's get started.

5. Gushing
Some CEOs stick around till they get chased out by an unruly board or fed-up shareholders. But not Exxon Mobil (XOM:NYSE - news - research - Cramer's Take) chief Lee Raymond.

In a year marked by upheaval in the executive suite -- when Disney (DIS:NYSE - news - research - Cramer's Take) finally rid itself of Michael Eisner and AIG (AIG:NYSE - news - research - Cramer's Take) endured endless recriminations over its decision to part with Hank Greenberg -- Raymond is marching on his terms.

The longtime chief of the oil giant said in August he would step down at year-end. Raymond has been with Exxon for 42 years and as CEO presided over a massive expansion at the Irving, Texas, company. Raymond said he'd hand over the tiller, appropriately enough, to President Rex Tillerson.

Like his company, Raymond is far from beloved. He has outspokenly opposed moves made by others in the industry to embrace so-called renewable power sources such as wind and solar energy, saying his job is to maximize shareholder value. Exxon also became a favorite target for critics of so-called price gouging after this summer's Gulf Coast hurricanes, what with the company's third-quarter profit of $9.9 billion.

Still, Raymond remained unbowed. Exxon shares have marched higher in recent years along with a spike in energy prices. And his retirement press release eschewed the standard words of wisdom and puffed-up quotes from admiring board members.

Instead, the company soberly pointed to its succession plan, which it said is "based on a long-standing system of management development that supports the core values of discipline, integrity, reliability, consistency of purpose and a commitment to technology."

Say what you will about Exxon's core values. Lee Raymond knows how to quit when he's ahead.


 

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