Exxon buying Pioneer will trigger $71 million in executive windfalls
© Reuters. FILE PHOTO: Scott Sheffield, Chairman and Chief Executive Officer of Pioneer Natural Resources Company, speaks to guests and investors during the OGIS conference for oil and gas companies in New York, April 8, 2014. REUTERS/Eduardo Munoz /File PhotoThe top five executives at the U.S.
Sheffield is one of the few Pioneer executives who will have a post-deal role - he is set to join Exxon's board.Known as golden parachutes, such payments are commonplace in corporate America and are intended to incentivize management to sell a company even if it means ending their own employment. In Pioneer's case, per a filing from April citing changes made in"early 2023," executives would receive benefits including an additional payment matching contributions towards retirement funds and extended healthcare coverage.
The expected payouts do not count whatever Pioneer stock management owns and will be acquired as part of the Exxon deal. Sheffield's family trust owns stock worth around $104 million, while Richard Dealy - who had been in line to succeed Sheffield as CEO, but will now head the transition team at Pioneer - has shares worth roughly $39 million, regulatory filings show.
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