SAN RAMON (CBS/AP) – Chevron Corp. said its top executive made$14 million last year, according to an Associated Press analysis.

John Watson was promoted from vice chairman to CEO and chairman of the board last year. His compensation rose from $7.2 million in 2009. The increase came mostly from a jump in cash incentives and stock options. Watson also received an increase in salary, stock and company perks.

The compensation was below that of Watson’s predecessor, David J. O’Reilly, who was paid $15.2 million in 2009. It’s also less than the $21.5 million that Exxon Mobil Corp. Rex Tillerson made in 2010.

Chevron’s earnings nearly doubled last year to $19.1 billion.

(Copyright 2011 by CBSSan Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)


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