Lee Raymond is one of the most significant names in today’s business landscape. He was a prominent American businessman who served as the CEO of ExxonMobil. The company is famous as one of the largest publicly traded oil and gas companies in the world. His splendid career in the energy sector spanned over several decades. Raymond played an important role in the company’s growth and success. After the end of his tenure at ExxonMobil, he also became an independent director of JP Morgan Chase. His fortune has gained significant interest from the masses due to his leadership and strategic decisions. This article brings you a detailed estimate of Lee Raymond net worth and how he accumulated his wealth.
Lee Raymond Early Life
Born in 1938, Lee Raymond was from a family native to South Dakota. He completed his graduation from Watertown High School in 1956. After his graduation, Raymond enrolled himself at the University of Wisconsin–Madison and got a bachelor’s degree in chemical engineering. Later, he went to the University of Minnesota for a PhD in chemical engineering and then had the honor of receiving the honorary doctorate in 2001. Raymond met the love of his life, Charlene née Hocevar, while studying for his bachelor’s degree. His wife later earned a degree in journalism.
Lee Raymond Net Worth: Splendid Career
Early Career at Exxon
Lee Raymond first started his journey with Exxon in 1963. After 21 years of dedication, he finally became the director of Exxon in 1984.
Leadership Roles at ExxonMobil
He then took over the presidency of the company in 1987. In 1993, he took over the position of CEO from Lawrence G. Rawl.
Role in the Exxon-Mobil Merger
He played a major role in the merger with Mobil which came into effect in the year 2000. Once he attained the age of 65, the board of directors requested him to stay for 2 more years. He then announced that he would retire from the company after the reorganization post-merger. In the year 2005, he finally gave up his position to Rex W. Tillerson.
Retirement and Role at JP Morgan Chase
After the end of his journey with ExxonMobil, he then became an independent director of JP Morgan Chase in 2005, serving till 2020. He had to resign from the board of directors because of his history of climate change.
Lee Raymond: Estimated Fortunes
Lee Raymond’s estimated fortunes reportedly amount to around $392 million. According to the reports, he owns around 3,653,401 shares of ExxonMobil. In 2006, he was discharged from his duties as the CEO of ExxonMobil with a retirement package worth $400 million. It was the largest retirement package recorded in the history of the United States. However, a major chunk of this fortune was made up of retirement salary, bonus, stock options as well as restricted stock awards.
Lee Raymond Take On Climate Change And Gay Rights
Lee Raymond was famous as one of the most outspoken CEOs the States has ever seen. During his tenure with Exxon, he actively spoke against the regulations to reduce global warming. In the year 1990, he mentioned that the scientific evidence related to global warming is inconclusive. While in the year 1999, he called the future climate projections unproven and sheer speculations. Raymond also headed Exxon during the period it omitted gay employees in its anti-discrimination policies. The company also canceled the pre-existing anti-discrimination policy of Mobil during the merger. The updated policy came into force in 2015. However, questions were still raised about Lee Raymond’s take on gay rights.
Lee Raymond: Awards And Achievements
During his successful career in a business that spanned decades, Lee Raymond received many major awards. In the year 1998, he won the Golden Plate Award from the American Academy of Achievement. In the year 2003, he was the recipient of the Woodrow Wilson Award from the Woodrow Wilson International Center for Scholars. In the year 2006, he was awarded the Texas Business Hall of Fame. In the year 2018, he received the Honorary Lifetime Achievement Award for his contribution to the advancement of international energy policy and diplomacy.
Conclusion
Lee Raymond’s career in the energy sector was full of achievements as well as controversies. His contributions to the industry are notable and memorable. His net worth ranges somewhere around $392 billion. He has been a member of several organizations including the Business Council, the Business Roundtable, the National Petroleum Council, the Mayo Clinic, and more. Lee Raymond retired after he resigned from the board of directors of JP Morgan Chase.
